2024 Asset Handbook

Asset Handbook

Why Royal Gold? Royal Gold is a unique investment opportunity that employs a highly efficient and versatile business model designed to provide exposure to gold/metal prices and upside optionality, with reduced cost and operating risk. The execution of our business model is managed by a team of individuals with first class technical and financial expertise. 2 Key benefits offered by an investment in Royal Gold include: Not Just Exposure, But Leverage to the Gold Price Our high-margin business and the growth potential inherent in our asset portfolio has historically provided Royal Gold more leverage to the gold price when compared to a gold bullion ETF or physical bars and coins. Compared to our closest peers, Royal Gold has the highest revenue exposure to gold and, in terms of revenue sourcing, the highest exposure to primary gold operations. No-Cost Exploration Upside/Optionality Royal Gold enjoys the benefit of potential reserve growth as operators seek to extend mine lives by exploring for additional reserves at their existing mine sites. Generally, Royal Gold is not required to directly participate in the exploration expense or contribute to capital costs when operators add additional reserves or increase production capacity at existing mines.

3 Portfolio Diversification that is Professionally Managed Royal Gold owns a large portfolio of interests in high-quality, long-life mines, development projects, and evaluation and exploration properties. The majority of our revenue is generated from mines owned by some of the largest mining companies in the world, from regions of the world that have shown geopolitical stability. Furthermore, we have embedded growth from a suite of owned interests in additional properties where reserves have been identified and efforts are being made to develop the properties. Dividends In keeping with our commitment to provide a leading shareholder return, Royal Gold has established a track record for returning capital to shareholders, with an annual dividend since 2000. Royal Gold is the only company in the VanEck Gold Miners ETF (the “GDX”) that has paid an increasing dividend since the GDX was established in 2006, and Royal Gold is the only precious metals company in the S&P High Yield Dividend Aristocrats Index. Fixed-Cost Investments In general, Royal Gold is not required to contribute to capital or operating costs at the mining operations in which we have an interest. Therefore, Royal Gold is not exposed to the types of inflationary pressures that can erode the rate of return expectations and profit margins of operating mining companies. Free from these encumbrances, our cash flow is of high quality.

ROYAL GOLD 2024 Asset Handbook Table of Contents Introduction 5 ATTRIBUTES OF OUR BUSINESS 6 Our Business 6 Where Streams and Royalties Fit 6 Streams Versus Royalties – Details 7 Accounting Treatment 8 Timing Differences Related to the Production, Delivery and Sale of Metal 10 Produced Versus Payable Metal 11 Attributable Gold Equivalent Ounces 11 PORTFOLIO OVERVIEW 13 Global Portfolio Map 13 Exposure to Important Mining Regions 14 Our Counterparties 19 Brief History of Portfolio Additions – Last 10 Years 20 Five-Year Revenue History 25 2024 Revenue Breakdown 27 EXPECTED PERFORMANCE AND OUTLOOK 28 Notable Portfolio Changes in 2024 28 Portfolio Asset Mine Life 30 Summary of Portfolio Outlook 31 PORTFOLIO DETAILS 35 Principal Properties 35 Producing Properties (Excluding Principal Properties) 47 Development Properties 123 Highlighted Evaluation Properties 148 Evaluation/Exploration Properties 161 Portfolio Attributable Gold Equivalent Ounces 165 Mineral Resources and Reserves 167 Footnotes for Mineral Resources and Reserves 175 Footnotes for Area of Interest Maps 181 REFERENCE MATERIALS 182 Definitions/Glossary 182 Cautionary Statements 187 Corporate Information 188 4

Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials Introduction Purpose This handbook is intended to be a reference that provides the detail required to understand, evaluate and model Royal Gold’s portfolio. It is not intended to review all aspects of Royal Gold’s business, and readers are encouraged to review additional Royal Gold disclosure and filings for a fulsome overview of strategy, financial performance and risks. Notes to the Reader The disclosures in this handbook relating to properties and operations on the properties in which Royal Gold holds stream or royalty interests are based in most cases on information publicly disclosed by the operators of these properties and information available in the public domain. Additionally, Royal Gold may from time to time receive information from operators that is not publicly disclosed by the operators. For example, some of the reserve and resource estimates and metallurgical recoveries disclosed in this handbook are based on information provided to us directly by operators but that is not publicly disclosed by the operators. We do not independently prepare or verify information publicly disclosed by or provided directly to us by the operators, and, as the holder of stream and royalty interests, we do not have access to the properties or operations or to sufficient data to do so. In certain cases, operators disclose information to us that we are not permitted ourselves to disclose to the public. We are dependent on the operators of the properties to provide information to us and we refer readers to publicly available reports of the operators for additional information concerning the properties. There can be no assurance that such third-party information is complete or accurate. The information in this handbook reflects information available to us as of March 31, 2025, or as otherwise noted. Regarding the Portfolio Details portion of this handbook, please note the following: • Mine Life – The mine lives presented are with respect to the mining properties, and not necessarily our stream/royalty interest. • Mineral Resources and Reserves – Mineral resources and reserves are presented for the properties or portions of the properties that generate our stream and royalty interests without regard to the specific percentage of Royal Gold’s stream and royalty interest. In cases where our stream or royalty interest covers only a portion of a property, only the covered portion of the mineral resource or reserve is included in the summary. For further details regarding the mineral resources and reserves presented in this handbook, please see the Mineral Resources and Reserves section. • Area of Interest Maps – The descriptions and depictions of projects and related infrastructure, mineral interests, deposits, veins, targets and other mineralization, and Royal Gold’s stream and royalty interests thereon, are based on public information and/or information provided to us by operators, are approximate, have been simplified for presentation purposes, and are subject to change. As a result, the area covered by Royal Gold’s stream or royalty interest might be a larger or smaller area than the area depicted on a given map. Additionally, any changes in project mineral interests from time to time could modify the areas to which Royal Gold’s interests apply. While we endeavor to update our knowledge of the properties as modifications are made, not all modifications are depicted in the maps in this handbook. Note, footnotes are provided in the Footnotes for Area of Interest Maps section. • Investment Recovered – Calculated pre-tax, net of cost of goods sold. Stage of the Properties Mining properties may be categorized based on their development status, from early-stage exploration through to production. We categorize our portfolio according to periodic reviews of our estimates of the potential revenue contribution and stage of development for each individual property, as follows: • Principal Properties – Properties that are generally in production and are expected to be the most significant contributors of revenue to our portfolio. • Producing Properties – Properties with material extraction of mineral reserves. • Development Properties – Properties that have mineral reserves disclosed but no material extraction. • Evaluation Properties – Exploration stage properties that contain mineral resources and on which operators are engaged in the search for reserves. • Exploration Properties – Properties that have no mineral resources or reserves disclosed. Portfolio properties periodically move from one category to another depending on factors such as exploration success or depletion of reserves. All financial figures are presented in U.S. dollars, unless otherwise specified. 5

ROYAL GOLD 2024 Asset Handbook ATTRIBUTES OF OUR BUSINESS Our Business Royal Gold’s business is to acquire and manage precious metals streams, royalties and other similar production-based interests. By partnering with capable operators, we focus on building and managing a diversified, cash-flowing portfolio of precious metal properties, while also accumulating a pipeline of earlier-stage properties that are not yet cash-flowing, but have the potential to do so in the future. Streams and Royalties A stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right to purchase all or a portion of one or more metals produced from a mine, at a price determined for the life of the transaction by the purchase agreement. A royalty is the right to receive a percentage or other denomination of mineral production from a mining operation, after deducting specific costs (if any). Key Benefits to Our Business Model Upside Optionality – Our transactions are structured to give us exposure to potential higher metal prices, future production expansion and resource conversion. Limited Downside – Our interests are less exposed to operating and capital cost risks compared to a producing mining company. Efficiency – Our business model is high margin and scalable and allows us to operate effectively with only a fraction of the employees of a producing mining company. Versatility – The metal streaming and royalty business can perform throughout the commodity cycle, allowing us to invest counter-cyclically in attractive acquisition opportunities during downturns, while enjoying leverage to higher commodity prices during upturns. Where Streams and Royalties Fit Stream/Royalty and Phase of Project Development Royal Gold offers financing that can be tailored to fit the needs of the operating partner. PHASE OF PROJECT DEVELOPMENT 6 Exploration INTEREST is typically in the form of a royalty and may include a right to finance future project development FINANCING PROCEEDS are generally used toward exploration or early project development Development INTEREST is typically in the form of a stream, or a royalty with a right to finance further project development FINANCING PROCEEDS are generally used toward project development Production INTEREST is typically in the form of a stream FINANCING PROCEEDS are generally used toward production expansion, development of new projects, or other corporate purpose ROYAL GOLD ENGAGEMENT Royalties Royalties Streams Streams

Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials Streams Versus Royalties – Details From a cash flow perspective, streams and royalties are comparable in that the revenue from a stream, less the ongoing cash price paid per unit of metal delivered, similar to a gross royalty interest in mineral production. Stream and Royalty Margins Royal Gold’s business is high margin and the average gross margin for revenue, less cost of sales, was 86% in 2024. ROYAL GOLD MARGIN 1 86% STREAM SEGMENT MARGIN 80% 33% 2024 REVENUE SPLIT 67% ROYALTY SEGMENT MARGIN 100% Stream and Royalty Characteristics Streams Royalties Streams are typically settled by delivery of metal. Royalties are typically cash-settled. A stream is typically structured as the purchase by the streaming company of a percentage of metal produced in return for an upfront cash investment and an ongoing cash price per unit of metal delivered. A royalty is typically structured as gross smelter return (GSR), net smelter return (NSR), net value royalty (NVR), gross value (GV) royalty or net profits interest (NPI). The difference is the amount of deductions permitted prior to calculation of the royalty, ranging from zero deductions (GSR) to defined capital and operating costs (NPI). A stream is structured as a contractual arrangement. An analysis of the credit profile of a counterparty is an important part of due diligence for streams. In certain jurisdictions, a royalty can be an interest in real property that “runs with the land” in the event of an ownership transfer of mineral rights, even if the transfer occurs through bankruptcy. Often, it is registered in government records on the title to the mineral rights. The sale of a stream is not taxable upfront in most jurisdictions, so it is a more tax-efficient source of finance. The sale of a royalty is often treated as a disposition of mineral interests and is subject to upfront taxation to the operator. 1 Margin is revenue, less cost of sales, and is pre-tax. 7

ROYAL GOLD 2024 Asset Handbook Accounting Treatment 1 Revenue Recognition A performance obligation is a promise in a contract to transfer control of a distinct good or service (or integrated package of goods and/or services) to a customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, a performance obligation is satisfied. In accordance with this guidance, revenue attributable to our stream and royalty interests is generally recognized at the point in time that control of the related metal production transfers to our customers. The amount of revenue we recognize further reflects the consideration to which we are entitled under the respective stream or royalty agreement. With respect to our stream agreements, a metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right to purchase all or a portion of one or more of the metals produced from a mine, at a price determined for the life of the transaction by the purchase agreement. Gold, silver and copper received under our metal stream agreements are taken into inventory and then sold primarily using average spot rate gold, silver and copper forward contracts. The sales price for these average spot rate forward contracts is determined by the average daily gold, silver or copper spot prices during the term of the contract, typically a consecutive number of trading days between ten days and three months (depending on the frequency of deliveries under the respective stream agreement and our sales policy in effect at the time) commencing shortly after receipt and purchase of the metal. We settle our forward sales contracts via physical delivery of the metal to the purchaser (our customer) on the settlement date specified in the contract. Under our forward sales contracts, there is a single performance obligation to sell a contractually specified volume of metal to the purchaser, and we satisfy this obligation at the point in time of physical delivery. Accordingly, revenue from our metal sales is recognized on the date of settlement, which is the date that control, custody and title to the metal transfer to the purchaser. With respect to royalties, royalties are non-operating interests in mining projects that provide the right to a percentage of revenue or metals produced from the project after deducting specified costs, if any. We are entitled to payment for our royalty interest in a mining project based on a contractually specified commodity price (for example, a monthly or quarterly average spot price) for the period in which metal production occurred. As a royalty holder, we act as a passive entity in the production and operations of the mining project, and the third-party operator of the mining project is responsible for all mining activities, including subsequent marketing and delivery of all metal production to its ultimate customer. In all our material royalty interest arrangements, we have concluded that we transfer control of our interest in the metal production to the operator at the point at which production occurs, and thus, the operator is our customer. We have further determined that the transfer of each unit of metal production, comprising our royalty interest, to the operator represents a separate performance obligation under the contract, and each performance obligation is satisfied at the point in time of metal production by the operator. Accordingly, we recognize revenue attributable to our royalty interests in the period in which metal production occurs at the specified commodity price per the agreement, net of any contractually allowable offsite treatment, refining, transportation and, if applicable, other contractually permitted costs. Cost of Sales Cost of sales, which excludes depreciation, depletion and amortization, is specific to our stream agreements and is the result of our purchase of gold, silver and copper for a cash payment. 1 For further information on our significant accounting policies, please refer to our most recently filed Form 10-K. 8

Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials Depletion, Depreciation and Amortization of Stream and Royalty Interests Stream and royalty interests include acquired stream and royalty interests in producing, development, evaluation and exploration stage properties. The costs of acquired stream and royalty interests are capitalized as tangible assets as such interests do not meet the definition of a financial asset. Producing stage stream and royalty interests are depleted using the units of production method over the life of the mineral property (as stream sales occur or royalty payments are recognized), which is estimated using proven and probable mineral reserves as provided by the operator. Development stage mineral properties, which are not yet in production, are not depleted until the property begins production. Evaluation and exploration stage mineral properties, where there are no proven and probable mineral reserves, are not depleted. Tax Treatment of Streams and Royalties The following is a high-level discussion on tax applicable to our two segments, streams and royalties. Our stream contracts are owned and managed by our Swiss subsidiary. Our streaming business is engaged in metal purchase and sales, which generates active income subject to Swiss and U.S. Global Intangible Low-Taxed Income (“GILTI”) tax. Switzerland has a treaty network with the U.S. and other countries and has a competitive corporate tax environment. Income from our streaming business is subject to the GILTI regime, which effectively imposes a worldwide minimum tax on the foreign earnings of U.S. companies. Our streaming business has an approximate tax rate of 13.1% to the end of 2025 and 16.4% thereafter, which includes Swiss statutory rates and the U.S. corporate tax per the GILTI regime. Royalties are owned and managed by our U.S. and Canadian companies. Royalties are non-operating interests and, as such, generate passive income. Income from royalties is generally taxed at the higher of foreign or U.S. tax rates. When allowable, foreign tax credits are claimed to minimize double taxation. Our royalty business is subject to a minimum U.S. and state tax rate of 22%, with higher rates payable in certain foreign jurisdictions. 9

ROYAL GOLD 2024 Asset Handbook Timing Differences Related to the Production, Delivery and Sale of Metal Under our streaming agreements, Royal Gold purchases metals produced from a mine, at a price determined by the purchase agreement. Receipt of metal under stream agreements follows a process that includes three key events: mine site production, metal delivery and metal sale. MINE SITE PRODUCTION Mine site production of intermediate metal product, typically either a doré or concentrate, occurs at the mine site under the control of the mine site operator. This production is reported to Royal Gold by the operator, as per the applicable streaming agreement. METAL DELIVERY After production of doré or concentrate at the mine site, the operator will arrange for processing of the intermediate product with a smelter and/or refiner to produce refined metal. The quantity of refined metal is used to define the operator’s delivery obligation to Royal Gold. Movement of doré tends to be quicker than concentrates, as doré can be transported efficiently in small shipments by road and air. Concentrates are bulk products and are typically transported in large shipments by road, rail and ship. Timing differences for the shipment of concentrates can vary considerably from operation to operation, with the shipping distance (from mine to smelter) being a key variable, along with container sizing and shipping route logistics. In terms of Royal Gold’s portfolio, the streaming agreements with the most significant timing difference from mine site production to metal delivery are Mount Milligan and Andacollo (typical lag of approximately five months from production). METAL SALE Once refined metal has been delivered to Royal Gold from a particular counterparty, we typically plan to sell it steadily over the period that ends when we expect to receive the next delivery from that operator. This means that we generally do not have any metal in inventory from that counterparty when we receive the next shipment from that same counterparty. Selling deliveries steadily over a period allows us to realize pricing that is similar to average metal prices over that period, and we do not actively manage metal sales with the goal of achieving metal price gains by timing the market. STREAM DELIVERY AND SALES SEQUENCE MINE SITE PRODUCTION SHIPPING SMELTING/ REFINING DELIVERY TO ROYAL GOLD SALES Approximate total time from mine site production to Royal Gold revenue Mount Milligan ~5 months By shipment ~1 month ~6 months Andacollo ~5 months By shipment ~1 month ~6 months Pueblo Viejo ~3 months Quarterly ~3 months ~6 months All Other Streams ~1 month Monthly ~1 month ~2 months 10

Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials Produced Versus Payable Metal Under stream agreements, Royal Gold receives a percentage of produced or payable metal, the percentage of which is defined by the agreement. Produced metal refers to the metal recovered from mine site operations and typically contained in the form of either concentrate or doré. Payable metal refers to ounces or pounds of metal paid to the mine operator after the deduction of a percentage of contained metal by a third-party smelter and/or refiner pursuant to smelting and refining contracts. When an operator produces a concentrate, this product is sold to a smelter. The percentage of metal deduction is mainly a function of the type and quality of the concentrate product. When an operator produces doré, this product is sold to a refiner. Due to the purity of doré product, the deductions related to refining costs are relatively modest. In practice, payable factors related to our metal streams are defined within the terms of our stream agreements. Note, the percentages highlighted below are the contractual percentages specified under our stream agreements and not necessarily what the operator receives. PAYABLE METAL Stream Metal Product Payable % Andacollo Gold Concentrate 89.0% Khoemacau Silver Concentrate 90.0% Mount Milligan Gold Concentrate 97.0% Copper Concentrate Greater of 95% or actual % paid Pueblo Viejo Gold Doré 99.9% Silver Doré 99.0% Rainy River Gold Doré 100.0% Silver Doré 100.0% Wassa Gold Doré 99.5% Xavantina Gold Doré 99.0% Bogoso and Prestea Gold Doré 99.5% Attributable Gold Equivalent Ounces Attributable Gold Equivalent Ounces (“AGEOs”) are a measure used to describe the portion of an operator’s reported reserves or resources that we believe are attributable to Royal Gold’s stream or royalty interest. AGEOs consider our estimate of the value of the reserves or resources subject to a stream or royalty interest converted to gold equivalent ounces (“GEOs”). Limitations of AGEO as a measure AGEOs are derived from in-situ metal and do not account for certain factors that could affect both the future economic viability of the AGEO interest and the value of that interest to Royal Gold. Limitations that prevent the AGEO measure from providing a complete understanding of Royal Gold’s financial interest in a property include: • Metallurgical recoveries - these are not considered in the calculation as recovery and may be variable within a deposit depending on material type and process path. Recoveries are generally unknown for projects with resources that do not have processing methods identified. • Payability factors and treatment/refining charges - these are not considered in the calculation for GV, GSR and NSR royalty interests as payability is specified in the offtake agreements in place from time to time. • Ore resource conversion factors - these are not included in the calculation. Operator estimates of mineral resources are subject to development risks that may impact the conversion of estimated mineral resources to mineral reserves. AGEO calculation methodology • Royalty interest AGEOs – contained metal, in either reserves or resources, subject to Royal Gold’s royalty interest, multiplied by the metal price, divided by the gold price, which results in the GEO reserve or resource. This GEO quantity is then multiplied by the applicable royalty percentage, as modified by deductions specific to the royalty type (if applicable), to yield AGEOs. For royalty interests that are calculated on a fixed dollar per tonne or dollar per metal quantity basis, these are converted to a royalty percentage based on internal budget pricing and grade and treated similarly to royalty interests that are determined on a percentage rate basis. 11

Deductions for the different types of royalty interests are included as follows: • GV, GSR and NSR royalties – assume 100% of the royalty rate without deductions, as the deductions for these royalty types are typically not significant. • NVR – include deductions in a range of 5% to 60% of the royalty rate depending on historical deductions or estimates for each specific royalty. • NPI royalties – include deductions of 90% of the royalty rate, as NPI royalties are an interest in net profits and significant deductions are typical. • Stream interest AGEOs – contained metal, in either reserves or resources, subject to Royal Gold’s stream interest, multiplied by the net metal price (the metal price less the price paid for future metal deliveries), divided by the gold price, which results in the GEO reserve or resource. This GEO quantity is then multiplied by the applicable stream percentage to yield AGEOs. Metal prices for this calculation are based on Royal Gold’s internal budget pricing, which is developed using various inputs and is updated annually as part of the budgeting process. Budget prices used for the AGEO calculations in this edition of the handbook are: $2,550/oz gold, $30/oz silver, $4.00/lb copper, $0.85/lb lead, $1.20/lb zinc, $6.75/lb nickel, $13/lb cobalt, and $19/lb molybdenum. Mineral Resources and Reserves related to Royal Gold’s stream and royalty interests are reported on page 167 of this handbook. Portfolio AGEO Breakdown 1 AGEOs (in Thousands) Property Stage Proven and Probable Measured and Indicated Inferred Principal 2,677 1,277 386 Producing (Excluding Principal) 1,308 1,044 1,119 Development 272 468 297 Evaluation — 1,979 1,009 Exploration (Excluding Evaluation) — 2 — All Stages 4,257 4,770 2,812 AGEOs (in Thousands) Geography Proven and Probable Measured and Indicated Inferred Canada 1,392 1,641 877 United States 604 784 530 Latin America 1,828 1,758 443 Africa 271 327 732 Australia 139 254 224 Other 25 7 5 All Geographies 4,257 4,770 2,812 1 AGEO resources exclusive of reserves ROYAL GOLD 2024 Asset Handbook 12

PORTFOLIO OVERVIEW Global Portfolio Map Royal Gold’s portfolio is globally diverse, with concentrations in established mining jurisdictions. 1 4 3 2 Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 13 175 Total Properties 1 42 Producing (including Principal Properties) 18 Development 65 Exploration (not shown on map; excludes evaluation properties) 4 Principal 50 Evaluation (not shown on map) PRINCIPAL PROPERTIES 1 ANDACOLLO Region IV, Chile 2 CORTEZ Nevada, United States 3 MOUNT MILLIGAN British Columbia, Canada 4 PUEBLO VIEJO Sánchez Ramírez, Dominican Republic 1 As of December 31, 2024

Exposure to Important Mining Regions As Royal Gold has built its asset portfolio over time, it has established significant exposure to key mining regions. While Royal Gold does not have an explicit strategy to target specific mining regions, certain mining regions have consistently demonstrated characteristics that Royal Gold favors, such as a rich mineral endowment and a stable regulatory environment. This section highlights Royal Gold’s exposure to key mining regions in Nevada, British Columbia, Ontario, Quebec and Western Australia. Producing Development 1 Bateman Gold Evaluation 2 Follansbee 3 Great Bear Exploration 4 Red Lake 5 McKenzie Red Lake 6 Cochenour Red Lake 1 5 6 2 3 4 Red Lake (Canada) The Red Lake area is composed of several communities, all built around former or currently operating gold mines. With a long and rich mining history, a number of mining operators are active in Red Lake today, working to unlock further mining potential in the area. RED LAKE BY THE NUMBERS: • The namesake Red Lake gold mine, which began production in 1949, has produced more than 25 million ounces of gold at an average grade in excess of 20 g/t. 1 • Two of the largest historical gold-producing mines, Red Lake and Madsen, have changed hands in the past five years to new operators looking to invest and re-energize operations. ROYAL GOLD IN RED LAKE BY THE NUMBERS: • Royal Gold has royalty interests on one development, two evaluation and three exploration properties in the Red Lake area. • Red Lake is home to Royal Gold’s evaluation stage Great Bear royalty, which is expected to begin production in 2029. 2 1 Source: Evolution Mining, 2023 Annual Report 2 Source: Kinross Gold, September 10, 2024, Press Release ROYAL GOLD 2024 Asset Handbook 14

22 Producing 1 Twin Creeks 2 Goldstrike 3 Leeville 4 Marigold 5 Cortez 6 Bald Mountain 7 Ruby Hill 8 Robinson 9 Gold Hill 10 Granite Creek Development 11 Relief Canyon 12 Hasbrouck Mountain Evaluation 13 Doby George 14 Island Mountain 15 Wildcat 16 Long Valley (located in California) Exploration 17 Wood Gulch 18 Hot Pot 19 Simon Creek 20 Rye 21 Trenton Canyon 22 Paiute 23 Mule Canyon 24 BSC 25 Nevada Properties 26 Horse Mountain 27 Buckhorn South 28 Windfall 29 FAD 30 Pinson - Other Oregon Idaho Utah California 3 5 6 7 8 9 11 12 14 15 16 17 30 24 22 21 23 20 26 27 29 1 25 4 2 Bald Mountain Robinson Cortez Marigold Twin Creeks Ruby Hill Leeville Goldstrike Gold Hill Nevada Nevada Gold Trends 13 10 18 19 28 Granite Creek NEVADA (UNITED STATES): 15% OF TOTAL 2024 REVENUE Nevada is one of the most prolific gold-mining regions in the world and hosts a number of major gold trends, including Carlin, Battle Mountain-Eureka, Northern Nevada Rift (NNVR) and Getchell. Nevada by the Numbers: • Three Tier 1 gold assets (Goldstrike-Carlin, Turquoise Ridge-Twin Creeks and Cortez). 1 • Ranked second according to the Fraser Institute’s Investment Attractiveness Index (in 2023). • Home to Nevada Gold Mines, a joint venture between Barrick and Newmont, two of the world’s largest gold producers, operating the single, largest gold-producing complex in the world. Royal Gold in Nevada by the Numbers: • Royal Gold has royalty interests on 10 producing, two development, three evaluation and 14 exploration properties in the Nevada area. • Royal Gold’s largest revenue contributor in Nevada and key growth driver for the company is Cortez, which accounted for approximately 10% of revenue in 2024. • Excluding Cortez, Royal Gold’s other producing properties in Nevada contributed 5% of revenue in 2024. 1 Source: Barrick Gold Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 15

ROYAL GOLD 2024 Asset Handbook Producing 1 Red Chris 2 Mount Milligan Development 3 Kutcho Creek Evaluation * 4 Schaft Creek 5 Lawyers 6 Shasta 7 Bronson Slope 8 KSM 9 Berg Exploration ** British Columbia 3 Red Chris 1 2 Mount Milligan 4 5 7 8 9 6 * Belcourt, Horizon Coal and North Island are not shown on map ** Golden Bear and Kizmet are not shown on map BRITISH COLUMBIA (CANADA): 26% OF TOTAL 2024 REVENUE The Ministry of Mining and Critical Minerals forecasts the total value of mine production from British Columbia for 2024 at C$16.5 billion. British Columbia is home to a long list of mining companies and, at the heart of its mining industry, lies the Golden Triangle, one the most significant mineral exploration districts in the world. BC by the Numbers: • Home to more than 1,100 global exploration and mining companies, headquartered in Vancouver. 1 • More than 150 mines have operated in the Golden Triangle area since prospectors first arrived at the end of the 19th century. 2 Royal Gold in BC by the Numbers: • Royal Gold has stream or royalty interests on two producing, one development, nine evaluation 3 and two exploration properties in BC. Note, some properties are located outside the viewable area of the above map. • Mount Milligan, Royal Gold’s largest revenue contributor, located in BC, accounted for approximately 26% of revenue in 2024. • BC is home to Royal Gold’s producing stage Red Chris royalty, where there is potential to transition from an open-pit to a large-scale, long-life underground operation. 1 Source: Mineral Development Office – Province of British Columbia 2 Source: Ministry of Energy, Mines and Low Carbon Innovation – Province of British Columbia 3 Includes KSM option 16

Producing 1 LaRonde Zone 5 2 Canadian Malartic 3 Côté Gold Development 4 Marban Evaluation 5 Caber 6 Gold River 7 Holt Exploration 8 Franquet 9 Godfrey II 10 Nighthawk Lake 11 Gauthier 12 Duverny 5 8 Ontario Quebec 1 2 LaRonde Zone 5 Canadian Malartic 7 12 9 10 11 3 Côté Gold 6 4 ABITIBI GREENSTONE BELT (THE “ABITIBI”) Extending from Timmins, Ontario, to the west to Chibougamau, Quebec, in the northeast, the Abitibi Greenstone Belt is an established gold-mining district. The Abitibi by the Numbers: • Features >20 gold deposits containing over three million ounces of gold in each deposit. 1 • Total gold content of the belt, including production, reserves, and measured and indicated resources, exceeds 300 million ounces. 1 Royal Gold in the Abitibi by the Numbers: • Royal Gold has royalty interests on three producing, one development, three evaluation and five exploration properties in the Abitibi area. • The Abitibi is home to one of Royal Gold’s newest production stage royalties in Côté Gold, which began production in 2024. 1 Source: Resources Mines et Industrie Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 17

ROYAL GOLD 2024 Asset Handbook Producing 1 Meekatharra 2 Bellevue 3 King of the Hills 4 Gwalia 5 South Laverton 6 Southern Cross 7 Wonder 8 Ulysses Development 9 Kundip 10 Red Dam Evaluation 11 Cosmos 12 Burnakura 13 Quinns Austin 14 Buttercup Bore 15 Mt Fisher 16 Jaguar 17 Yundamindera 18 Red October 19 Phillips Find 20 Paddington 21 Pinnacles 22 Van Uden 23 Wallbrook Exploration * 24 Abbotts 25 Chesterfield 26 Stakewell 27 Northwell Chilkoot 28 Mt Newman- Victory 29 Croesus 30 Edna May 31 Cheritons Find 32 Southern Cross Nickel 33 Lounge Lizard 34 Forrestania 35 Fisher East 36 Wembley Durack Western Australia 10 22 24 6 25 4 17 5 21 30 33 32 31 29 Southern Cross South Laverton Gwalia King of the Hills 15 2 26 Bellevue 1 12 13 Meekatharra 16 27 28 34 3 9 Wonder 8 Ulysses 11 9 14 23 19 20 18 35 36 * Red Hill West is not shown on map WESTERN AUSTRALIA (AUSTRALIA) Australia is the third-largest gold-producing country in the world, behind only China and Russia, and Western Australia is the epicenter of Australian mining. Western Australia by the Numbers: • Approximately 60% of Australia’s gold resources occur in Western Australia. 1 • Ranked fourth according to the Fraser Institute’s Investment Attractiveness Index (in 2023). • Western Australia’s mining industry employed >134,000 people during 2023-2024. 2 Royal Gold in Western Australia by the Numbers: • Royal Gold has royalty interests on eight producing, two development, 13 evaluation and 14 exploration properties in Western Australia. Note, some properties are located outside the viewable area of the above map. • Royal Gold’s producing properties in Western Australia accounted for approximately 4% of revenue in 2024. • Western Australia is home to two of Royal Gold’s newest producing royalties in King of the Hills and Bellevue. 1 Source: Australian Government Geoscience Australia 2 Source: Government of Western Australia Department of Energy, Mines, Industry Regulation and Safety 18

Our Counterparties Royal Gold’s operating counterparties include some of the largest and most well-known mining companies in the world. 2024 REVENUE DISTRIBUTION ACROSS TOP COUNTERPARTIES 26% $186 million 19% $134 million 1 11% $79 million 1 7% $48 million 6% $46 million 5% $34 million 7% $49 million 5% $39 million 2% $17 million 12% $89 million Others 1 Revenue generated from Cortez, Goldstrike, Leeville and Twin Creeks has been allocated to Barrick and Newmont based on their respective interests in Nevada Gold Mines. Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 19

ROYAL GOLD 2024 Asset Handbook Brief History of Portfolio Additions – Last 10 Years The descriptions provided in this timeline are simplified and show Royal Gold’s current interests, the current operators and current property names. Producing Development Evaluation 2015 2015 PASCUA-LAMA Argentina/Chile OPERATOR Barrick Gold Corp. ACQUISITION COST $8 million TERM Life of mine 0.22% sliding-scale NSR royalty 2015 WASSA + BOGOSO AND PRESTEA Ghana OPERATOR Chifeng Jilong Gold Mining Co., Ltd./ Future Global Resources Ltd. 1 ACQUISITION COST $145 million TERM Life of mine 10.5% of payable gold from Wassa and 5.5% of payable gold from Bogoso and Prestea 2 2015 RAINY RIVER Canada OPERATOR New Gold Inc. ACQUISITION COST $175 million TERM Life of mine 6.5% of gold produced and 60% of silver produced 3 2015 ANDACOLLO Chile OPERATOR Teck Resources Ltd. ACQUISITION COST $525 million TERM Life of mine 100% of payable gold 4 2015 PUEBLO VIEJO Dominican Republic OPERATOR Barrick Gold Corp. ACQUISITION COST $610 million TERM Life of mine 7.5% of payable gold and 75% of payable silver 5 1 Wassa and Bogoso and Prestea projects were originally owned and operated by Golden Star Resources Ltd. (“Golden Star”), which was acquired by Chifeng Jilong Gold Mining Co., Ltd. on January 28, 2022. Bogoso and Prestea was sold to Future Global Resources Limited on October 1, 2020. 2 On October 1, 2020, Royal Gold announced the separation of the Wassa and Bogoso and Prestea stream agreement into separate stream agreements at which time, the stream rate for Bogoso and Prestea was changed to 5.5% (from 10.5%). The stream rate for Wassa remains unchanged at 10.5% until 240,000 ounces have been delivered, 5.5% thereafter. 3 The stream rate for Rainy River is 6.5% of gold produced until 230,000 ounces have been delivered, 3.25% thereafter; and 60% of silver produced until 3,100,000 ounces have been delivered, 30% thereafter. 4 The stream rate for Andacollo is 100% of payable gold until 900,000 ounces have been delivered, 50% thereafter. 5 The stream rate for Pueblo Viejo is 7.5% of payable gold until 990,000 ounces have been delivered, 3.75% thereafter; and 75% of payable silver until 50 million ounces have been delivered, 37.5% thereafter. 20

2016 2016 CORTEZ United States OPERATOR Barrick Gold Corp. ACQUISITION COST $70 million TERM Life of mine 3.75% NVR covering a significant area of the Cortez mine, including the Crossroads deposit 2018 2018 MARA ROSA Brazil OPERATOR Hochschild Mining plc ACQUISITION COST $11 million TERM Life of mine 1.75% NSR royalty (note, separately, Royal Gold owns an additional 1.0% NSR royalty on Mara Rosa) 2019 2019 KHOEMACAU Botswana OPERATOR MMG Limited ACQUISITION COST $265 million TERM Life of mine 100% of payable silver 6 2019 CASTELO DE SONHOS Brazil OPERATOR Tristar Gold Inc. ACQUISITION COST $8 million TERM Life of mine 1.5% NSR royalty 6 The Khoemacau transaction was announced in 2019. Royal Gold completed the advance payments (totaling $212 million) required to earn the full base (80% of payable) silver stream in January 2021. Subsequent to this, Khoemacau Copper Mining (Pty.) Ltd. (“KCM”) drew additional payments, at its option, totaling $53 million, with the last draw made in March 2022. This increased Royal Gold’s silver stream interest to 100% of payable silver until 40 million ounces have been produced, 50% thereafter. MMG Limited acquired KCM effective March 22, 2024. The acquisition of a gold stream on the Phoenix Gold Project is excluded from the timeline as, on December 20, 2016, the owner of the Phoenix Gold Project, Rubicon Minerals Corporation, announced a restructuring transaction under Canadian regulations. As part of the restructuring transaction, Royal Gold’s gold stream interest was terminated, and Royal Gold received a 1% NSR royalty over the project (now referred to as Bateman Gold) as well as other royalties over a significantly larger area of Red Lake than is occupied by the project. Refer to the Portfolio Details section of this Asset Handbook for a more complete description of the Company’s stream and royalty interests. Brief History of Portfolio Additions – Last 10 Years (Cont’d) Producing Development Evaluation Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 21

Brief History of Portfolio Additions – Last 10 Years (Cont’d) Producing Development Evaluation 2020 2020 ALTURAS Chile OPERATOR Barrick Gold Corp. ACQUISITION COST Up to $41 million 7 TERM Life of mine Up to a 1.06% NSR royalty (gold) and up to a 1.59% NSR royalty (copper) 7 2021 2021 CÔTÉ GOLD Canada OPERATOR IAMGOLD Corporation ACQUISITION COST $75 million TERM Life of mine 1.0% NSR royalty 2021 XAVANTINA Brazil OPERATOR Ero Copper Corp. ACQUISITION COST $100 million TERM Life of mine 25% of gold produced 8 2021 RED CHRIS Canada OPERATOR Newmont Corporation ACQUISITION COST $165 million TERM Life of mine 1.0% NSR royalty 7 Total consideration for the Alturas royalty is up to $41 million, of which $11 million was paid on January 29, 2020. A future payment of up to $20 million is conditioned based on a project construction decision by Barrick and the size of the mineable mineralized material on the date of the construction decision. A further future payment of up to $10 million will be made upon first production from the mining concessions. 8 The stream rate for Xavantina is 25% of gold produced until 93,000 ounces have been delivered, 10% thereafter. ROYAL GOLD 2024 Asset Handbook 22

Brief History of Portfolio Additions – Last 10 Years (Cont’d) Producing Development Evaluation 2022 2022 LAWYERS Canada OPERATOR Thesis Gold Inc. ACQUISITION COST $8 million TERM Life of mine 0.5% NSR royalty and right of first offer (ROFO) on 2.0% NSR royalty on adjacent Ranch Project 2022 CORTEZ United States OPERATOR Barrick Gold Corp. ACQUISITION COST $525 million TERM Life of mine 0% to 3% sliding-scale GVR royalty payable on 40% of all production from the Cortez Complex 2022 GREAT BEAR Canada OPERATOR Kinross Gold Corporation ACQUISITION COST $152 million TERM Life of mine 2.0% NSR royalty 2022 CORTEZ United States OPERATOR Barrick Gold Corp. ACQUISITION COST $204 million TERM Life of mine 0.24% GSR royalty (Legacy Zone) and 0.45% GSR royalty (CC Zone) Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 23

Brief History of Portfolio Additions – Last 10 Years (Cont’d) Producing Development Evaluation 2024 2024 MOUNT MILLIGAN United States OPERATOR Centerra Gold Inc. ACQUISITION COST Consideration paid to Royal Gold, Inc. 9 TERM Life of mine Long-term cost support 9 2024 BACK RIVER Canada OPERATOR B2Gold Corp. ACQUISITION COST $51 million TERM Life of mine The Hill Royalty, a 0.7% NSR and the KM Royalty, a 26.25% interest in a 5% GSR 10 2024 CACTUS United States OPERATOR Arizona Sonoran Copper Company Inc. ACQUISITION COST $55 million TERM Life of mine 2.5% NSR royalty 11 2025 2025 XAVANTINA Brazil OPERATOR Ero Copper Corp. ACQUISITION COST $50 million TERM Life of mine Extended gold delivery threshold under Stage II and expanded area of influence covered by stream 12 9 See Mount Milligan property page for details. 10 See Back River property page for details. 11 The Cactus Royalty covers the Cactus East and Cactus West deposits as well as portions of the Parks/Salyer deposit and is subject to a right in favor of ASCU to buy back 0.5% of the aggregate 2.5% royalty for $7 million until July 10, 2025. 12 See Xavantina property page for details. ROYAL GOLD 2024 Asset Handbook 24

Five-Year Revenue History (dollar amounts in thousands) Twelve Months Ended December 31 Stream/Royalty Metal(s) Current Stream/ Royalty Interest 1 2024 2023 2022 2021 2020 Stream: Canada Mount Milligan Gold, copper 35% of payable gold, 18.75% of payable copper $186,039 $158,167 $180,543 $173,114 $149,631 Rainy River Gold, silver 6.5% of gold produced, 60% of silver produced 45,762 38,794 31,826 37,079 29,139 Latin America Pueblo Viejo Gold, silver 7.5% of Barrick’s interest in payable gold, 75% of Barrick’s interest in payable silver $83,059 $76,247 $85,863 $109,716 $110,571 Andacollo Gold 100% of payable gold 47,531 48,920 47,347 68,965 74,225 Xavantina Gold 25% of gold produced 38,771 25,395 18,427 7,746 — Africa Khoemacau Silver 100% of payable silver $33,595 $34,602 $18,786 $5,096 — Wassa Gold 10.5% of payable gold 48,537 32,815 31,152 31,594 28,960 Bogoso and Prestea Gold 5.5% of payable gold — 3,340 3,849 3,008 4,960 Total stream revenue $483,294 $418,280 $417,793 $436,318 $397,485 Royalty: Canada Voisey’s Bay Copper, nickel, cobalt 2.7% NVR $6,049 $5,309 $14,450 $18,682 $7,654 Red Chris Gold, copper 1.0% NSR 2,617 3,170 3,432 — — Côté Gold Gold 1.0% NSR 2,932 — — — — LaRonde Zone 5 Gold 2.0% NSR 3,611 2,461 2,486 2,169 2,044 Canadian Malartic Gold 1.0% to 1.5% sliding-scale NSR 602 1,463 4,689 7,526 7,377 Williams 2 Gold 0.97% NSR 1,902 (987) 882 2,278 3,074 Other – Canada Various Various 1,233 1,295 1,271 1,314 6,875 United States Cortez Legacy Zone Gold Approx. 9.4% GSR equivalent $58,183 $79,920 $47,769 $56,116 $28,444 CC Zone Gold Approx. 0.45% to 2.2% GSR equivalent 11,611 14,626 2,790 — — Robinson Gold, copper 3.0% NSR 16,609 9,109 11,659 13,280 10,669 Manh Choh Gold, silver 3.0% NSR, 28% NSR (silver) 10,697 — — — — Marigold Gold 2.0% NSR 8,085 5,110 6,061 8,284 8,134 Leeville Gold 1.8% NSR 7,932 5,712 4,004 5,117 1,584 Wharf Gold 0.0% to 2.0% sliding-scale GSR 2,795 3,630 2,485 3,224 3,340 Goldstrike Gold 0.9% NSR 1,746 1,575 3,117 3,045 3,419 Other – United States Various Various 3,555 4,009 3,758 2,804 3,276 1 Refer to the Portfolio Details section of this Asset Handbook for a further description of Royal Gold’s stream and royalty interests. 2 The Williams royalty revenue was negative for the 12 months ended December 31, 2023, due to a one-time, non-cash accounting adjustment during the quarter ended June 30, 2023, related to past production subject to our royalty interest. Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 25

Five-Year Revenue History (Cont’d) Twelve Months Ended December 31 Stream/Royalty Metal(s) Current Stream/ Royalty Interest 1 2024 2023 2022 2021 2020 Latin America Peñasquito Gold, silver, lead, zinc 2.0% NSR $46,090 $17,772 $43,165 $52,959 $36,661 Dolores Gold, silver 3.25% NSR (gold), 2.0% NSR (silver) 6,752 7,981 9,223 10,359 7,058 El Limón Gold 3.0% NSR 7,190 5,280 5,705 4,874 4,172 Mara Rosa Gold, silver 2.75% NSR 4,300 — — — — Other – Latin America Various Various 2,646 456 1,203 1,061 1,661 Africa Other – Africa Various Various — — $316 $2,414 $2,971 Australia South Laverton Gold 1.5% NSR, 4.0% NPI $8,974 $7,283 $6,172 $9,576 $10,176 King of the Hills Gold 1.5% NSR 5,334 4,200 883 162 854 Gwalia Gold 1.5% NSR 4,047 3,726 4,059 4,636 4,023 Bellevue Gold 2.0% NSR 6,955 51 — — — Wonder Gold, silver 1.5% NSR 732 — — — — Other – Australia Various Various 2,923 3,750 4,559 5,410 5,707 Europe Las Cruces Copper 1.5% NSR (copper) — $535 $1,277 $1,961 $4,986 Total royalty revenue $236,101 $187,437 $185,413 $217,250 $164,157 Total revenue $719,395 $605,717 $603,206 $653,568 $561,643 GEOs Sold 2 Ounces 301,500 312,100 335,100 363,000 317,000 Revenue by Commodity Gold % 76% 76% 73% 73% 78% Silver % 12% 12% 11% 11% 9% Copper % 9% 9% 12% 12% 10% Other % 3% 3% 4% 4% 3% 1 Refer to the Portfolio Details section of this Asset Handbook for further description of Royal Gold’s stream and royalty interests. 2 Gold equivalent ounces, or GEOs, are calculated by the Company as revenue (in total or by reportable segment) for a period divided by the average LBMA PM fixing price for gold for that same period; $2,386/oz, $1,941/oz, $1,800/oz, $1,799/oz, and $1,770/oz for 2024, 2023, 2022, 2021, and 2020, respectively. ROYAL GOLD 2024 Asset Handbook 26

Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 2024 Revenue Breakdown BY BUSINESS SEGMENT 67% 33% Stream Royalty BY METAL 76% 12% 9% 3% Gold Silver Copper Other BY OPERATOR 26% 19% 11% 7% 7% 6% 5% 19% Centerra Barrick Newmont Chifeng Teck New Gold Ero Copper Other BY MINE TYPE 59% 26% 14% 1% Gold Gold/Copper Copper Other BY MINE 26% 12% 10% 7% 7% 6% 6% 5% 21% Mount Milligan Pueblo Viejo Cortez Wassa Andacollo Peñasquito Rainy River Xavantina Other BY COUNTRY 35% 17% 12% 7% 7% 7% 6% 5% 4% 1% Canada United States Dominican Republic Mexico Ghana Chile Brazil Botswana Australia Other 27

EXPECTED PERFORMANCE AND OUTLOOK Notable Portfolio Changes in 2024 Our portfolio can change organically as changes occur at the properties where we have interests. These may be a result of developments including exploration or expansion investments made by our operating counterparties, changes in ownership of properties, or the evolution of mine plans. This section summarizes notable changes at properties within the portfolio, and new properties added to the portfolio, since the previous version of our Asset Handbook was published in April, 2024. Property Developments Andacollo • Water availability increased with increased well field capacity, allowing mill throughput rates to return to levels consistent with the mine plan in H2 2024 Cortez • Goldrush – officially opened April 2024, with production ramping up through the year • Fourmile – PEA results indicate gold production of >500,000 oz/year based on approximately 1/3 of the ore body as defined by drilling to date • Robertson – Record of Decision for open pit project received November, 2024 • Hanson – exploration drilling below Cortez Hills Underground extended mineralization 500m west of 2021 discovery hole Mount Milligan • Increased Proven and Probable Reserve resulted in one-year mine life extension to 2036 Pueblo Viejo • Plant expansion construction completed and commercial production achieved in Q3 2024; throughput and recovery improvement projects identified as part of ramp-up • New tailings facility FS completed in Q3 2024, supporting mine life extension to 2046 Back River • Construction continued with first gold production scheduled for Q2 2025 Bald Mountain • Kinross announced plans to proceed with mining of the Redbird pit after receipt of Juniper permit; ~1M oz converted to Reserves at Redbird, extending mine life into 2028 Dolores • Mining and stacking from ore reserves was completed and the mine entered the residual leaching phase, with continued gold production for three years and silver production for eight years El Limon • Maiden gold resource at Talavera deposit of 630,000 oz Granite Creek • First mineralized material accessed at the South Pacific Zone in Q2 2024 Johnson Camp • Nuton LLC, a Rio Tinto venture, elected to proceed to Stage 2 of a two-stage program on the use of copper heap leach technologies for primary sulfide mineralization Khoemacau • Expansion FS started in December 2024 King of the Hills • Board approval granted for 20% expansion of plant capacity Lawyers • PEA completed for combined Lawyers-Ranch Project Rainy River • First development ore mined from Underground Main zone Ulysses • Stoping at the Ulysses underground commenced late in the December 2024 quarter Voisey’s Bay • Voisey’s Bay Mine Extension (“VBME”) project construction and commissioning completed Wassa • Independent Competent Person’s Report indicates potential mining of Southern Extension to 2049 Wharf • Measured and Indicated Resources increased by 521,000 oz and Inferred Resources increased by 321,000 oz, positioning Wharf for significant expected mine life extensions Wonder • Production stoping commenced in Q3 2024 Xavantina • 19% increase in Proven and Probable Reserves and 26% increase in Measured and Indicated Resources over 2023 ROYAL GOLD 2024 Asset Handbook 28

New Production Côté Gold • First gold poured on March 31, 2024 Manh Choh • First gold poured at the Fort Knox mill on July 8, 2024 Mara Rosa • First gold poured on February 20, 2024 Portfolio Additions Back River • Additional effective ~1.1% GSR royalty interest acquired June 26, 2024 Cactus • Aggregate 2.5% NSR royalty interest acquired December 31, 2024 Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 29

Portfolio Asset Mine Life Mine life, and the potential to extend mine life, is an important characteristic that Royal Gold considers when adding assets to its portfolio. In addition to providing expected economic benefits over many years, a long-life asset fits Royal Gold’s strategy to provide investors with upside optionality, as the longer the life of an asset, the more investors are exposed to metal price volatility, future production expansion, resource conversion and exploration success. In the table below, we present the operator- reported asset mine life for properties where we have a stream or royalty interest. Note, the operator- reported asset mine lives are primarily based on reserves and do not consider the potential for conversion of resources into reserves. Operator-Reported Asset Mine Life Property Mine Life (Ending Years) 1 PRODUCING Allan 2077 Andacollo 2037 Bald Mountain 2031 Bellevue 2033 Canadian Malartic 2042 Cortez 2043 Côté Gold 2041 Don Nicolas 2029 El Limón 2029 Granite Creek 2032 (UG), 10 years (OP) Gwalia 2039 Johnson Camp 2047 Khoemacau 2040 King of the Hills 2037 LaRonde Zone 5 2034 Manh Choh 2029 Mara Rosa 2033 Marigold 2032 Mount Milligan 2036 Peñasquito 2032 Pueblo Viejo 2046 Rainy River 2033 Red Chris 2050 Robinson 2036 Ruby Hill 10 years (UG), 16.5 years (OP) Twin Creeks 2030 Voisey's Bay 2038 Wassa 2028 Wharf 2030 Xavantina 2031 2 Property Mine Life (in Years) 1 DEVELOPMENT Back River 9 Bateman Gold 7 Cactus 31 Castelo de Sonhos 11 Don Mario 6-7 Hasbrouck Mountain 9 Ilovica 20 Kundip 9 Kutcho Creek 11 La India 12 Las Cruces 20 Marban 10 NuevaUnión 38 EVALUATION Berg 30 Great Bear 12 North Island 22 Kerr-Sulphurets-Mitchell 72 Lawyers 14 Schaft Creek 21 It is important to note that mine life estimates, and the reserves and resources that form the basis for those estimates, are given at a point in time. Estimated mine lives can change over time as exploration success and conversion of resources to reserves occurs, and when different assumptions for metal prices, operating costs, operating performance, etc., are considered. Internally, Royal Gold considers resource conversion at the properties underlying its stream and royalty interests and may estimate future production beyond mine lives stated by the operators. However, decisions regarding the development or operation of these properties are determined by the operators and Royal Gold does not publicly disclose these internal estimates. In some cases, the operator may provide additional information that may be indicative of its expectations for mine life extension beyond reserve lives. For example, Barrick discusses the planned conversion of existing resources to reserves at Cortez, potentially extending the lives of the open-pit and underground operations by at least eight years and nine years, respectively. 3 1 See individual property page for source, UG = Underground, OP = Open-pit 2 Mine life reflects the reserve update issued on December 3, 2024 3 Source: Barrick Gold, 2024 Annual Information Form ROYAL GOLD 2024 Asset Handbook 30

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

Producing Property 2024 Revenue (USD Million) 2024A 2025E 2026E 2027E 2028E Manh Choh (100%) (11) $10.7 142 koz Au 200 koz Au 215 koz Au 235 koz Au 14 koz Au LT outlook: mining is expected to be completed in mid-2027, with stockpiled ore processed at Fort Knox until 2029 Marigold (12) $8.1 168 koz Au 160-190 koz Au 220-240 koz Au 240-270 koz Au 220-250 koz Au LT outlook: resource development and technical work advancing with the goal of extending production beyond the current 8-year reserve life El Limon (13) $7.2 70 koz Au 56 koz Au 11 koz Ag 86 koz Au 21 koz Ag 68 koz Au 24 koz Ag 83 koz Au 46 koz Ag LT outlook: n/a Bellevue (14) $7.0 95.6 koz Au (YE June 30, 2024) 129-134 koz Au (YE June 30, 2025) 150 koz Au (YE June 30, 2026) 190 koz Au (YE June 30, 2027) 190 koz Au (YE June 30, 2028) LT outlook: de-risked production outlook from FY27 to FY29 Dolores (15) $6.8 72.3 koz Au 1.735 Moz Ag 28-31 koz Au 0.9-1.0 Moz Ag n/a n/a n/a LT outlook: residual leaching with continued gold production expected for 3 years and silver production for 8 years Voisey's Bay (16) $6.0 12.9 kt Cu 19.2 kt Ni n/a Co n/a n/a 45 kt Ni 20 kt Cu 2.6 kt Co 45 kt Ni 20 kt Cu 2.6 kt Co LT outlook: production ramping-up to full capacity by H2, 2026 King of the Hills (17) $5.3 223.5 koz Au 210-230 koz Au (YE June 30, 2025) n/a n/a n/a LT outlook: underground production is expected to continue to Q4 of FY 2030, and open pit production to Q2 FY 2036 Mara Rosa (18) $4.3 64 koz Au 94-104 koz Au 102 koz Au 106 koz Au 79 koz Au LT outlook: current 8-year mine life has potential for extension resulting from new mineralization identified below the main pit Gwalia (19) $4.0 113 koz Au 120-130 koz Au 120-130 koz Au 120-130 koz Au 120-130 koz Au LT outlook: 15-year mine life extends to 2039 LaRonde Zone 5 (20) $3.6 79 koz Au 81 koz Au 95 koz Au 90 koz Au 94 koz Au LT outlook: production expected to continue through 2034 Côté Gold (21) $2.9 199 koz Au 360-400 koz Au 495 koz Au 495 koz Au 495 koz Au LT outlook: mine life expected to continue to 2041 with average annual production of 365,000 oz/year (excluding Gosselin deposit) Wharf (22) $2.8 98 koz Au 232 oz Ag 90-100 koz Au 50-200 oz Ag 111 koz Au Ag not provided 110 koz Au Ag not provided 111 koz Au Ag not provided LT outlook: mine life expected to 2030, with potential to add 5-10 years based on recent exploration results Don Nicolas (23) $2.6 54.4 k GEO 50-55 k GEO 46 koz Au 389 koz Ag 60 koz Au 515 koz Ag 51 koz Au 288 koz Ag LT outlook: n/a Red Chris (24) $2.6 60 koz Au 85 Mlb Cu (100%) 86 koz Au 88 Mlb Cu (100%) n/a n/a n/a LT outlook: 26-year reserve life with upside from resources and exploration Granite Creek (25) $1.1 11 koz Au 20-30 koz Au 50 koz Au 45 koz Au 75 koz Au Ruby Hill (26) $0.2 4 koz Au 0 2 koz Au 6 koz Au 8 koz Au 32 2024 Asset Handbook ROYAL GOLD

Properties Comprising 6% of 2024 Revenue Producing Property 2024 Revenue (USD Million) 2024A 2025E 2026E 2027E 2028E Robinson (27) $16.6 123 Mlb Cu (55.9 kt Cu) Guidance not provided by Operator South Laverton (28) $9.0 4 koz Au Guidance not provided by Operator Leeville (28) $7.9 3 koz Au Guidance not broken out by Operator; partial royalty coverage Southern Cross (28) $2.4 1 koz Au Guidance not provided by Operator Williams (28) $1.9 0.8 koz Au Guidance not broken out by Operator; partial royalty coverage Goldstrike (28) $1.7 0.7 koz Au Guidance not broken out by Operator; partial royalty coverage Skyline (28) $1.4 0.6 koz Aueq Guidance not provided by Operator Allan (28)(29) $1.2 0.5 koz Aueq Guidance not provided by Operator Wonder (28) $0.7 0.3 koz Au Guidance not broken out by Operator Bald Mountain (28) $0.6 0.3 koz Au Guidance not broken out by Operator Canadian Malartic (28)(30) $0.6 0.3 koz Au Partial royalty coverage Meekatharra (28) $0.4 0.2 koz Au Guidance not provided by Operator Gold Hill (28) $0.1 0.0 koz Au Guidance not broken out by Operator Ulysses (28)(31) $0.1 0.0 koz Au Guidance not broken out by Operator Johnson Camp (28) $0.0 0.0 koz Au Partial royalty coverage Twin Creeks (28) $0.0 0.0 koz Au Partial royalty coverage Back River (32) n/a In construction 120-150 koz Au 250 koz Au 334 koz Au 345 koz Au Royal Gold (33) $719.4 228,700 oz Au 3.1 Moz Ag 16.1 Mlb Cu $22.7 M Other Metals 210,000 - 230,000 oz Au 2.7 - 3.3 Moz Ag 13.5 - 16.0 Mlb Cu $18.0 - $21.0 M Other Metals Guidance not provided 1 The production expectations are based on information publicly disclosed by the operators. We can provide no assurance regarding the reasonableness of the assumptions underlying the production expectations, and we refer readers to the publicly available reports of the operators for additional information regarding such assumptions. 2 2024 actual. 2025 guidance from February 20, 2025 Press Release. 2026-2028 estimates from 2022 Technical Report. 3 2024 Au and Ag actuals. 2025 Au guidance from February 12, 2025 Press Release. 2026-2028 Au estimates from November 2024 Investor Day Presentation, approximated from graph. Barrick does not provide 2025 Ag production guidance. 2026-2028 Ag estimates from Pueblo Viejo Technical Report, March 17, 2023. 4 2024 actual. 2025 guidance from February 12, 2025 Press Release. 2026-2028 estimates from November 2024 Investor Day Presentation, approximated from graph. Does not include Fourmile. 5 2024 actual. 2025 Au guidance provided by Teck. 2026-2028 Cu guidance from January 20, 2025 Press Release. Royal Gold does not have a Cu stream at Andacollo, but Au grades tend to be positively correlated with Cu grades. 6 2024 actual calculated based on revenue to Royal Gold. 2025-2028 estimates from Independent Competent Person’s Report, February 28, 2025; production ranges consider Ore Reserves Life of Mine Plan for the low end of the ranges, and a life of mine plan that includes the Ore Reserves Life of Mine Plan and conversion of Inferred Mineral Resources for the high end of the ranges. 7 2024 actual. 2025 guidance from February 20, 2025 Press Release. 2026-2028 estimates from Technical Report Summary, December 31, 2023. 8 2024 actual. 2025-2027 Au guidance from February 12, 2025 Press Release. 2028 Au estimates and 2025-2028 Ag estimates from Technical Report, effective date December 31, 2024. New Gold does not provide guidance for Ag production. 9 2024 actual: MMG reported production of 1.1 Moz Ag from March 23, 2024 to December 31, 2024. 2025 Ag guidance provided by MMG. 2026-2028 Cu estimates from January 23, 2025 Press Release, with timing for ramp-up to higher production levels to be assessed during completion of the expansion FS. Royal Gold does not have a copper stream at Khoemacau, but Ag and Cu grades have been relatively well correlated and Ag production has tended to track Cu production. Not all expanded production will be subject to Royal Gold's stream. 10 2024 actual. 2025-2027 guidance from February 11, 2025 Press Release. 11 2024 actual. 2025 guidance from November 29, 2024 Contango Ore Press Release. 2026-2028 estimates from Technical Report Summary, May 12, 2023. 12 2024 actual. 2025 guidance from March 31, 2025 Press Release. 2026-2028 estimates from multi-year guidance issued February 13, 2024. Royal Gold does not have 100% royalty coverage of all mining areas. 13 2024 actual is Au produced from the El Limon mill. 2025-2028 estimates from Technical Report, March 31, 2021. 14 2024 actual. 2025-2028 guidance from April 14, 2025 Press Release. 15 2024 actual. 2025 guidance from February 19, 2025 Press Release. 16 2024 actual.2025-2026 guidance not provided, and estimated average production to reach full production capacity of 45 kt Ni, 20 kt Cu, and 2.6 kt Co by H2 2026. 17 2024 actual. 2025 guidance from August 29, 2024 Press Release. LT outlook from Silver Lake Resources Scheme Booklet, April 26, 2024. 18 2024 actual. 2025 guidance from January 22, 2025 Press Release. 2026-2028 estimates from Technical Update on the Definitive Feasibility Study, Posse Gold Project, February 18, 2022. LT Outlook from March 12, 2025 earnings presentation. 19 2024 actual calculated based on revenue to Royal Gold. 2025-2028 estimates from March 21, 2024 Press Release (Five-Year Strategic Plan). LT Outlook from Genesis Minerals conference transcript September 16, 2024. 20 2024 actual. 2025-2028 estimates from 2023 Technical Report. LT Outlook from Agnico Eagle MD&A, February 26, 2025. 21 2024 actual. 2025 guidance from January 14, 2025 Press Release. 2026-2028 guidance based on average 495 koz/year Au production for years 1-6 per NI 43-101 report, August 12, 2022. LT Outlook from IAMGOLD AIF, March 21, 2025. 22 2024 actual. 2025 guidance from February 19, 2025 Press Release. 2026-2028 estimates from 2021 Technical Report. LT Outlook from presentation transcript, February 25, 2025. 23 2024 actual. 2025 guidance from January 15, 2025 Press Release. 2026-2028 estimates from 2024 Technical Report, September 19, 2024. Materials Reference Details Portfolio and Outlook Performance Expected Overview Portfolio Our Business Attributes of Introduction 33

24 2024 actual. 2025 guidance from February 20, 2025 Imperial Metals Press Release. LT Outlook from Imperial Metals AIF, March 29, 2024. 25 2024 actual is Au sold. 2025 guidance and 2026-2028 estimates from March 6, 2025, Investor Day Presentation, and include mining from underground only. 26 2024 actual. 2025-2028 estimates from S-K 1300 Technical Report Summary, March 29, 2025, and include production from Archimedes only. 27 2024 actual. KGHM does not provide guidance. 28 2024 production volume calculated using 2024A revenue and average realized gold price for 2024. 29 Consistently generates average annual revenue of ~$1.2 M. 30 Canadian Malartic pit depleted. Royal Gold expects some revenue from processing of Canadian Malartic pit stockpiles. 31 When fully ramped-up, Ulysses is expected to produce 60-70 koz Au per year. 32 2025 from January 13, 2025 Press Release. 2026-2028 estimates from NI 43-101 Technical Report, December 31, 2024. 33 2024 actual. 2025 guidance for Royal Gold from March 13, 2025 Press Release. 2024 Asset Handbook ROYAL GOLD 34

Portfolio Details Principal Properties CANADA Mount Milligan 36 UNITED STATES Cortez 40 DOMINICAN REPUBLIC Pueblo Viejo 42 CHILE Andacollo 45 Materials Reference Details Portfolio and Outlook Performance Expected Overview Portfolio Our Business Attributes of Introduction 35

CANADA Mount Milligan Mount Milligan is a large-scale, open-pit copper and gold mine operated by Thompson Creek Metals Company Inc. (“Thompson Creek”), an indirect subsidiary of Centerra Gold Inc. (“Centerra”). The mine is located within the Omenica Mining Division in north-central British Columbia, Canada. STREAM OPERATOR Centerra Gold Inc. MINERALIZATION STYLE Porphyry Cu-Au MINE TYPE Open-pit METAL(S) Copper, Gold PRODUCT Concentrate CURRENT STREAM 35% of Payable Gold, 18.75% of Payable Copper CURRENT ONGOING PAYMENT $435/oz for Gold, 15% of spot for Copper, + Cost Support Payments 1 YEAR OF ACQUISITION 2010-2012 TERM OF STREAM Life of Mine MINE LIFE 2036 2 Operational Overview Construction of the Mount Milligan mine began in June 2010, with commissioning of the mine beginning in August 2013 and the achievement of commercial production in February 2014. The mining operation uses a conventional truck-and-shovel fleet, with ore processed through a 60,000 tonne per day flotation processing plant, to produce a concentrate containing copper, gold, and silver. The concentrate is trucked to the rail loadout facility in Mackenzie and railed to North Vancouver where it is loaded onto ships and sent to purchasers located around the Pacific Rim. Royal Gold’s Stream Interest Royal Gold, through its wholly-owned subsidiary RGLD Gold AG, owns the right to purchase 35% of the payable gold and 18.75% of the payable copper produced from Mount Milligan (the “Existing Stream Agreement”). Payable gold is calculated as 97% of contained gold in concentrate. Payable copper is calculated as the greater of 95% or actual percentage paid to Centerra. The cash purchase price for gold is equal to the lesser of $435 per ounce, with no inflation adjustment, or the prevailing market price when purchased. The cash purchase price for copper is 15% of the spot price. In February 2024, Royal Gold announced an additional agreement with Centerra to provide cost support to incentivize investment that may provide a basis for an extension of the Mount Milligan mine life beyond 2035 (the “Cost Support Agreement”). This agreement provides for additional cash purchase prices for gold and copper deliveries in three periods, which are defined by gold and copper deliveries. 2025 OPERATOR GUIDANCE 165,000 to 185,000 ounces of gold and 50 to 60 million pounds of copper. 2 LONGER-TERM OPERATOR OUTLOOK Reserves at year-end 2024 support a mine life to 2036, and results of the Prefeasibility Study (PFS), exploration drilling and site optimization program currently underway will define the long-term outlook for Mount Milligan. 2 1 Refer to table on next page 2 Source: Centerra Gold, February 20, 2025, Press Release ROYAL GOLD 2024 Asset Handbook 36

Developments and Potential The technical studies for Mount Milligan are progressing better than planned, leading Centerra to the decision to move straight to a PFS for the mine (previously a Preliminary Economic Assessment). Results of the PFS are expected to be announced in Q3 2025. Centerra remains optimistic about Mount Milligan’s potential to operate for multiple decades into the future. Centerra is also continuing an exploration program aimed at expanding the mineral resource base significantly at Mount Milligan. For 2025, Centerra will continue to explore the western extension of the Mount Milligan deposit and perform infill drilling to upgrade inferred resources to indicated. A significant focus of the drill programs at Mount Milligan will be to upgrade the inferred resources between Goldmark and North Slope and to test the extension of the South Boundary mineralization. A total of 45 kilometers of drilling is planned for 2025 at Mount Milligan. The site-wide optimization program at Mount Milligan will continue in 2025. Notable achievements in 2024 include: an improved safety record, increased fleet availability and productivity, reduction in consumption and unit cost of grinding media; decrease in maintenance costs, and a reduction in copper concentrate grade, leading to steady gold recoveries despite lower head grades. As a result of the optimization program, Mount Milligan has reduced operating costs. 2 After including the effect of the Cost Support Agreement, the combined effect of the cash payments for gold and copper deliveries is as follows: Period: Jan. 1, 2024, through ~2029 ~2030 through ~2035 ~2036 and Beyond Au Cu Au Cu Au Cu Delivery Thresholds i defining triggers for cost support payments: (from Jan. 1, 2024) Pre-Threshold ii (if Au<=$1,600/oz and Cu<=$3.50/lb) First Threshold (after the earlier delivery of either 375,000 oz Au or 30,000 t Cu) Second Threshold (after the earlier delivery of either 665,000 oz Au or 60,000 t Cu) Combined Effective Payments iii : If Au<=$1,600/oz and Cu<= $3.50/lb: Lower of $850/oz, or 66% of spot Au 50% of spot Cu Lower of $850/oz, or 50% of spot Au iv 50% of spot Cu Lower of $1,050/oz, or 66% of spot Au iv 66% of spot Cu All other metal prices: $435/oz 15% of spot Cu Metal deliveries to Royal Gold typically occur up to five months after production at Mount Milligan due to the time required to ship concentrate from the mine site to the smelter and the payment provisions of the offtake contract. i Delivery Thresholds are defined by metal deliveries under the Existing Stream Agreement, which is independent from the Cost Support Agreement, and is used only as a reference for metal deliveries. ii Pre-Threshold Support payments prior to the First Threshold are at Centerra’s option and are recoverable from any cost support provided after the First Threshold is reached at metal prices above $1,600 per ounce of gold and $3.50 per pound of copper. iii Includes the total amount payable per ounce of gold or pound of copper when the effect of the Cost Support Agreement is considered with the Existing Stream Agreement. iv Given the relevant calculations, the cost support payments are only payable above a spot gold price of $870/oz after the First Threshold, and $660/oz after the Second Threshold. Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 37

CANADA Mount Milligan (Cont’d) Royal Gold’s Royalty Interest Royal Gold also holds a life of mine free cash flow interest (“FCF Interest”), payable annually, of 5% of the cumulative free cash flow generated from Mount Milligan after the earlier of (i) the first fiscal year following delivery of both 375,000 ounces of gold and 30,000 tonnes of copper from January 1, 2024, and (ii) January 1, 2036. The FCF Interest will increase to 10% after the earlier of (i) the first fiscal year following the delivery of both 665,000 ounces of gold and 60,000 tonnes of copper from January 1, 2024, and (ii) January 1, 2036. Free cash flow is defined as gross revenue less total costs including treatment and refining costs, operating costs, exploration costs, capital costs and the net stream costs. FCF Interest payments will not be payable if the free cash flow is negative in a given calendar year, and Centerra is entitled to recover any negative free cash flow before FCF Interest payments resume. FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $1,526.7 Historic Revenue to Royal Gold 2023: 2024: US$M $158.2 $186.0 Metal Deliveries to Royal Gold Since Inception 791.2 koz Au 95.4 Mlb Cu Advance Payment US$M $781.50 Investment Recovered % 143% Net Book Value US$M $328.7 MINERAL RESOURCES AND RESERVES As of December 31, 2024 CONTAINED Gold (koz) Copper (Mlb) AGEOs * (koz) Proven and Probable 2,826 1,150 935 Measured and Indicated 1,566 732 400 Inferred 395 74 89 * 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 38 For more information, please visit: www.centerragold.com

Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 39 Over $1.5B Revenue to Royal Gold Since Inception

UNITED STATES Cortez The Cortez Complex is held within the Barrick-operated Nevada Gold Mines (“NGM”) joint venture owned by Barrick Gold Corporation (“Barrick”) (61.5%) and Newmont Corporation (38.5%). The operation is located approximately 95 kilometers southwest of Elko, in Lander County, Nevada. The Cortez property is situated along the Cortez-Battle Mountain trend. ROYALTY OPERATOR Barrick Gold Corp. MINERALIZATION STYLE Carlin-Type Sediment- Hosted Au MINE TYPE Open-pit & Underground METAL(S) Gold PRODUCT Doré YEAR OF ACQUISITION Legacy Zone: 1992-2022, CC Zone: 2014-2022 TERM OF ROYALTY Life of Mine MINE LIFE 2043 1 ROYALTY Legacy Zone: 9.4% approx. blended GSR Royalty on Pipeline and Crossroads (all metals) CC Zone: 1.6% approx. blended GSR Royalty on Cortez Hills, Cortez Pits, Fourmile and Goldrush (all metals) 2.2% approx. blended GSR Royalty on Goldrush SE (all metals) 0.45% approx. GSR Royalty on Robertson (all metals) Operational Overview The Cortez Complex is a series of large, open-pit and underground mines, with oxide milling and heap leach processing facilities. The open-pits use conventional truck-and- shovel fleets, and mining operations move between the various pits over the life of mine plan. Underground operations use large-scale mechanized cut-and-fill and long-hole stoping mining methods. Non-refractory ores from the mines are treated on site, while refractory ores are shipped to NGM’s Carlin Complex for processing by autoclave or roaster facilities. 2025 OPERATOR GUIDANCE 680,000 to 765,000 ounces of gold (100% basis) for the entire Cortez Complex. 2 LONGER-TERM OPERATOR OUTLOOK 750,000 to 1,100,000 ounces per year over the next 5 years. Barrick has indicated that the Fourmile Project could add an additional >500,000 ounces per year in the longer term. 3 1 Source: Barrick, 2024 Annual Information Form: Based on existing reserves and production capacity, including the Goldrush project, and excluding the Fourmile project, the Cortez open-pit operation is expected to continue until 2030 and the underground operation until 2043. 2 Source: Barrick, February 12, 2025, Press Release: The guidance for the 100% interest is estimated based on Barrick’s guidance of 420,000 to 470,000 ounces for its 61.5% interest. 3 Source: Barrick, November 22, 2024, Investor Day Presentations 4 Goldrush, source: Barrick, February 12, 2025, Press Release; Robertson, source: Barrick, September 22, 2022, Corporate Presentation; Fourmile, source: Barrick, September 12, 2023, Press Release 5 Source: Barrick, August 12, 2024, Press Release 6 Source: Barrick, February 12, 2025, Press Release ROYAL GOLD 2024 Asset Handbook 40

DEVELOPMENTS AND POTENTIAL Developments to increase production and add resources within the Cortez Complex include the Goldrush underground mine (which began production in 2024 and continues to ramp-up to a target production rate in excess of 400,000 ounces per year by 2028), the Robertson open-pit project (expected to provide oxide feed for heap leach and the Cortez mill, with first production expected 2027), and the Fourmile underground project (expected to provide potential for production of over 500,000 ounces per year over more than two decades). The Fourmile project is currently not included as part of NGM and is 100% owned by Barrick. 4,5 Barrick indicated that it intends to advance these projects with feasibility work ongoing for the Robertson project, a prefeasibility study planned to begin in 2025 at the Fourmile project, and continued exploration at the Hanson and Swift targets. 6 The Hanson target is below the Cortez Hills underground operation and early-stage drilling continues to provide confidence in the resource growth below the existing infrastructure of the Cortez Hills underground mine that is expected to add material life-of-mine extensions. Royal Gold’s Royalty Interest Royal Gold owns various royalty interests across the Cortez Complex that include coverage of the producing Pipeline and Crossroads mines (the Legacy Zone), the Cortez Pits, Cortez Hills and Goldrush underground mines, and the Fourmile and Robertson development projects, as well as several exploration targets on a large land package. Several of these royalty interests overlap in certain areas, creating multiple effective royalty rates across the Cortez Complex. Legacy Zone: The Legacy Zone royalties were acquired in a series of transactions over multi-decades beginning in 1987 when Royal Gold was a party within a joint venture that leased claims covering an area within what would become known as the South Pipeline Project. The two most recent transactions, from August and December 2022, further increased Royal Gold’s royalty interest over the area. An approximate overall 9.4% GSR rate is applicable to Royal Gold’s interests in the Legacy Zone. CC Zone: In 2014, Royal Gold acquired a 1.0% net revenue royalty on the southern end of Barrick’s Goldrush deposit. The additional CC Zone royalties were primarily acquired in two transactions in 2022 that significantly increased Royal Gold’s exposure to the Cortez Complex and provided new royalty coverage of the producing Cortez Pits and Cortez Hills mines, Fourmile and Robertson development projects and several exploration targets, and also provided additional royalty coverage at the Goldrush development project. Approximate royalty rates over these areas include a 0.45% GSR rate at Robertson, a 1.6% GSR rate at Cortez Hills, Cortez Pits, Goldrush and Fourmile, and a 2.2% GSR rate on the southeast portion of Goldrush. Other Royalties: Royal Gold also owns three additional royalties in the Cortez Complex where there is currently no production, and no mineral resources or mineral reserves attributed to these royalty interests. FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $601.8 2023: 2024: Historic Revenue to Royal Gold US$M $94.5 $69.8 Acquisition Cost US$M $818.4 Investment Recovered % 74% Net Book Value US$M $736.5 MINERAL RESOURCES AND RESERVES As of December 31, 2023 CONTAINED Gold (koz) AGEOs * (koz) Proven and Probable 14,730 361 Measured and Indicated 6,280 160 Inferred 12,900 204 * 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. Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 41 For more information, please visit: www.barrick.com

DOMINICAN REPUBLIC Pueblo Viejo Pueblo Viejo is an open-pit gold mine owned by a joint venture in which Barrick Gold Corporation (“Barrick”) holds a 60% interest (and is the operator) and Newmont Corporation holds the remaining 40% interest. The mine is located in the central part of the Dominican Republic in the province of Sánchez Ramírez. STREAM OPERATOR Barrick Gold Corp. MINERALIZATION STYLE High-Sulfidation Epithermal Au-Ag MINE TYPE Open-pit METAL(S) Gold, Silver PRODUCT Doré PRODUCT 7.5% of Payable Gold, 75.0% of Payable Silver CURRENT ONGOING PAYMENT 30% spot for Gold, 30% spot for Silver YEAR OF ACQUISITION 2015 TERM OF STREAM Life of Mine MINE LIFE 2046 1 Operational Overview Pueblo Viejo achieved commercial production in January 2013 and completed its ramp-up to full initial design capacity in 2014, with construction of a further plant expansion substantially completed in 2024. Pueblo Viejo consists of two main open-pits, Moore and Monte Negro, plus a smaller satellite pit, Cumba, and is mined by conventional truck-and-shovel methods. The Pueblo Viejo ore is refractory and contains gold and silver associated with pyrite. Whole ore (i.e. not subjected to flotation) and flotation concentrate is fed to the autoclaves for pressure oxidation and subsequently treated in a carbon-in-leach (CIL) circuit. Flotation tailing (not pressure oxidized) is sent to a new CIL circuit. Carbon acid wash, elution, electrowinning and smelting produces gold and silver doré bars. The expanded processing plant design capacity is 38,000 tonnes per day. 2025 OPERATOR GUIDANCE 370,000 to 410,000 ounces of gold (Barrick’s 60% interest). Barrick does not provide estimated silver production. 2 LONGER-TERM OPERATOR OUTLOOK Average 800,000 ounce per year gold production (100% basis) to mid-2040’s. 1 1 Source: Barrick, November 22, 2024, Investor Day 2 Source: Barrick, February 12, 2025, Press Release ROYAL GOLD 2024 Asset Handbook 42

DEVELOPMENTS AND POTENTIAL Phase 1 of the Pueblo Viejo expansion which is related to the process plant has been completed and achieved commercial production in Q3 2024. However, the associated ramp-up will be more gradual and Barrick has engaged in a number of improvement projects related to throughput and recoveries, with expected completion of the throughput improvement projects by Q1 2025 and recovery improvements by Q4 2025. Barrick expects plant throughput to increase steadily from 2024 levels and reach the 14 million tonne per annum run rate in 2028. 1 Phase 2 of the expansion, which is focused on extending the mine life with construction of the new Naranjo tailings storage facility, continues to progress with the feasibility study completed and resettlement of local residents underway. The Naranjo tailings storage facility commissioning is expected by Q4 2029 and the dam design provides potential to increase the tailings storage capacity in the future by approximately eight years if the resource is expanded. 1 Several early-stage exploration targets have been identified in the area around Pueblo Viejo and are at various stages of exploration review. Royal Gold’s Stream Interest In 2015, Royal Gold’s wholly-owned subsidiary, RGLD Gold AG, entered into a $610 million agreement with a Barrick subsidiary to purchase a percentage of the gold and silver production attributable to Barrick’s 60% interest in the Pueblo Viejo mine. RGLD Gold AG owns the right to purchase 7.5% of Barrick’s interest in payable gold produced until 990,000 ounces have been delivered, and 3.75% thereafter. The purchase price for gold ounces delivered is 30% of the spot price until 550,000 ounces have been delivered, and 60% thereafter. Payable gold is calculated as 99.9% of contained gold in doré. RGLD Gold AG also owns the right to purchase 75% of Barrick’s interest in the payable silver produced until 50 million ounces of payable silver have been delivered, and 37.5% thereafter. The purchase price for silver ounces delivered is 30% of the spot price until 23.1 million ounces have been delivered, and 60% thereafter. Payable silver is calculated as 99.0% of the adjusted recovered silver amount. Silver deliveries are based on a fixed 70% recovery rate, and there is a mechanism in the stream agreement that allows for the deferral of deliveries in a period if Barrick’s share of silver production is insufficient to cover its stream delivery obligations. Barrick’s silver delivery obligations vary depending on silver recovery rates, as follows: i At or above a rate of 70%, delivery obligations are satisfied. ii Between a rate of 52.5% and up to 70%, delivery obligations are satisfied and Barrick delivers from its share of silver production. iii Below a recovery rate of 52.5%, the full delivery obligation cannot be satisfied. Barrick delivers all available ounces and any remaining ounces required to meet the delivery obligation are deferred for delivery in future periods as silver recovery allows. In this circumstance, Royal Gold reduces the cash price paid for silver deliveries from 30% to as low as 10%, and tracks the value of the reduced cash price as the “Deferred Offset Amount.” Upon the future delivery of deferred ounces, Royal Gold pays 30% of the spot silver price and the Deferred Offset Amount for each ounce delivered. As of December 31, 2024, approximately 1.67 million ounces of silver have been deferred and the Deferred Offset Amount was $12.3 million, or $7.36 per ounce. The timing for delivery of the entire deferred amount is uncertain. FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $819.86 2023: 2024: Historic Revenue to Royal Gold US$M $76.2 $83.1 Metal Deliveries to Royal Gold Since Inception 369.3 koz Au 13,107.4 koz Ag Advance Payment US$M $610.0 Investment Recovered % 95% Net Book Value US$M $302.12 MINERAL RESOURCES AND RESERVES (60% BARRICK SHARE) As of December 31, 2024 CONTAINED Gold (koz) Silver (koz) AGEOs * (koz) Proven and Probable 12,300 73,000 729 Measured and Indicated 2,800 17,000 149 Inferred 380 1,600 17 * 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. Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 43 For more information, please visit: www.barrick.com

$820M Revenue to Royal Gold Since Inception ROYAL GOLD 2024 Asset Handbook 44

CHILE Andacollo Andacollo is an open-pit copper mine and milling operation operated by Compañía Minera Teck Carmen de Andacollo (“CMCA”), a 90% owned subsidiary of Teck Resources Ltd. (“Teck”); Empresa Nacional de Minería holds the remaining 10%. Gold is produced as a by- product of copper production. The mine is located in central Chile, Region IV, in the foothills of the Andes Mountains approximately two kilometers southwest of the town of Andacollo. STREAM OPERATOR Teck Resources Ltd. MINERALIZATION STYLE Porphyry Cu-Au MINE TYPE Open-pit METAL(S) Copper, Gold PRODUCT Concentrate CURRENT STREAM 100% of Payable Gold CURRENT ONGOING PAYMENT 15% of monthly average gold price YEAR OF ACQUISITION 2015 TERM OF STREAM Life of Mine MINE LIFE 2037 1 Operational Overview The Andacollo operation consists of an open-pit mine, sulfide concentrator and copper heap leach facility. Mining of the oxide and supergene enrichment zone of the Andacollo copper deposit began in January 1996. Supergene and oxide ores were processed by heap leaching and production of copper cathode in a solvent extraction-electrowinning (SX-EW) plant. Production from the heap leach operation was halted in 2023. Beginning in 2010, the mine began processing hypogene ore (which underlies the supergene ore) through a mill and concentration plant at site producing concentrates for third-party offtake. Copper concentrate is produced by processing hypogene ore through semi-autogenous grinding and a flotation plant with the capacity to process up to 55,000 tonnes of ore per day depending on ore hardness. 2025 OPERATOR GUIDANCE Andacollo is expected to produce 35,000 to 39,000 ounces of gold. 2 LONGER-TERM OPERATOR OUTLOOK Teck expects the mine plan to transition to higher grade ore and copper production is expected to increase from approximately 39,700 tonnes in 2024 to between 45,000 and 55,000 tonnes per year in each of 2025, 2026 and 2027, before declining to a range of 35,000 to 45,000 tonnes in 2028. 3 Gold and copper grades have been relatively positively correlated and gold production has tended to track copper production, although there can be no assurance that these correlations will continue in the future. 1 Source: Teck, 2024 Annual Information Form: The current life of mine for Carmen de Andacollo is expected to continue until 2037, although additional permits or amendments will be required. 2 Source: Production estimate received from Teck. 3 Source: Teck, January 20, 2025, Press Release Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 45

DEVELOPMENTS AND POTENTIAL In 2024, risk mitigation plans to increase water availability through increased well field capacity were implemented, enabling mill throughput rates consistent with the mine plan through the second half of 2024. However, ongoing drought conditions remain a risk to production, which is reflected in annual production guidance for 2025 to 2028. 3 The mine life of Andacollo is expected to continue until 2037, although Teck has reported that additional environmental permits will be required to extend the mine life beyond 2031. 1 Royal Gold’s Stream Interest Royal Gold, through its wholly-owned subsidiary RGLD Gold AG, owns the right to purchase 100% of payable gold until 900,000 ounces have been delivered, and 50% thereafter. The cash purchase price equals 15% of the monthly average gold price for the month preceding the delivery date for all gold purchased. Gold deliveries are determined using a fixed gold payability factor of 89%. Originally, in January 2010, Royal Gold acquired a royalty interest on Andacollo for $217.9 million in cash and 1,204,136 shares of Royal Gold common stock (valued at approximately $53.4 million on the date of acquisition). Under the agreement, Royal Gold, Inc. was to receive 75% of the gold produced from the sulfide portion of the Andacollo deposit until 910,000 payable ounces of gold were sold, after which Royal Gold was to receive 50% of all future payable gold production from the property. In July 2015, after production of approximately 259,000 ounces of payable gold subject to the royalty, Royal Gold announced it had agreed to sell its royalty interest on Andacollo to CMCA for $345 million and terminate the royalty agreement. RGLD Gold AG entered into a new gold offtake agreement with CMCA for the right to purchase 100% of payable gold from Andacollo until 900,000 ounces have been delivered, and 50% thereafter, for $525 million. Importantly, the new stream interest features a larger interest in gold over a longer period and covers an expanded footprint encompassing additional mineral rights relative to the previous royalty interest. Metal deliveries to RGLD Gold AG typically occur up to five months after production at Andacollo due to the time required to ship concentrate from the mine site to the smelter and the payment provisions of the offtake contract. FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $564.4 2023: 2024: Historic Revenue to Royal Gold US$M $48.9 $47.5 Metal Deliveries to Royal Gold Since Inception 368.5 koz Au Advance Payment US$M $525.0 Investment Recovered % 92% Net Book Value US$M $211.1 MINERAL RESOURCES AND RESERVES As of December 31, 2024 CONTAINED Gold (koz) Copper (Mlb) AGEOs * (koz) Proven and Probable 767 1,608 652 Measured and Indicated 1,158 2,248 569 Inferred 180 400 76 46 ROYAL GOLD 2024 Asset Handbook * 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. For more information, please visit: www.teck.com

Producing Properties (Excluding Principal Properties) CANADA Allan 49 Canadian Malartic 51 Côté Gold 53 LaRonde Zone 5 55 Rainy River 57 Red Chris 59 Voisey’s Bay 61 Williams 63 UNITED STATES Bald Mountain 65 Gold Hill 67 Goldstrike 69 Granite Creek 71 Johnson Camp 73 Leeville 75 Manh Choh 77 Marigold 79 Robinson 81 Ruby Hill 83 Skyline 85 Twin Creeks 87 Wharf 89 MEXICO Dolores 91 Peñasquito 93 NICARAGUA El Limón 95 BRAZIL Mara Rosa 97 Xavantina 99 GHANA Wassa 101 BOTSWANA Khoemacau 103 ARGENTINA Don Nicolas 105 AUSTRALIA Bellevue 107 Gwalia 109 King of the Hills 111 Meekatharra 113 Southern Cross 115 South Laverton 117 Ulysses 119 Wonder 121 Overview Portfolio Our Business Attributes of Introduction Portfolio and Outlook Performance Expected Materials Reference Details 47

“A well-diversified portfolio reduces risk of exposure to underperformance at any single asset. A key attribute of Royal Gold is our large and gold- focused portfolio, which is well-diversified in terms of revenue, operator and jurisdiction. Of the 175 properties in the portfolio, over 40 are in production and operated by leading mining companies, and approximately 60% of our 2024 revenue came from operations in Canada, the USA and Australia.” William H. Heissenbuttel President and Chief Executive Officer 48 ROYAL GOLD 2024 Asset Handbook

CANADA Allan Allan is an underground potash mine owned and operated by Nutrien Ltd (“Nutrien”). Allan is located in central Saskatchewan, approximately 45 kilometers east of Saskatoon near the town of Allan. ROYALTY OPERATOR Nutrien Ltd. MINERALIZATION STYLE Evaporite MINE TYPE Underground METAL(S) Potassium Chloride PRODUCT Potash ROYALTY $0.36 to $1.44 per ton (potash), $0.25 per ton (potash) YEAR OF ACQUISITION 2008 TERM OF ROYALTY Life of Mine MINE LIFE 2077 1 Operational Overview The Allan mine is an underground mining operation where continuous mining machines are used to excavate potash ore by the stress-relief mining method, with continuous conveyor belt transport of ore from the mining face to the bottom of the production shaft. Potash ore is processed and concentrated on surface – both flotation and crystallization methods are used at Allan to produce granular, standard, and suspension-grade potash products, and concentrated finished potash products (near-pure potassium chloride) are shipped to markets in North America and offshore. The Allan mine has an annual nameplate capacity of 4.0 million tonnes of finished product. 2025 OPERATOR GUIDANCE Detail not publicly disclosed by operator. LONGER-TERM OPERATOR OUTLOOK Detail not publicly disclosed by operator. 1 Source: Nutrien, 2024 Annual Information Form 2 Converted from K 2 0 using conversion factor of 1.6393 3 AGEOs not calculated for resources as reserves extend for over 40 years Materials Reference Details Portfolio and Outlook Performance Expected Overview Portfolio Our Business Attributes of Introduction 49

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

CANADA Canadian Malartic Canadian Malartic is an open-pit and underground mine owned and operated by Agnico Eagle Mines Limited (“Agnico Eagle”). Canadian Malartic is the second largest operating gold mine in Canada and is located on the southern edge of the Town of Malartic in the Abitibi region of Quebec. The mine was developed by Osisko Mining Corporation (“Osisko”) and began commercial production in May 2011. In June 2014, Agnico Eagle and Yamana Gold Inc. (“Yamana”) each acquired a 50% stake in Osisko, and Agnico Eagle became the sole owner of the Canadian Malartic mine upon the acquisition of Yamana on March 31, 2023. ROYALTY OPERATOR Agnico Eagle Mines Limited MINERALIZATION STYLE Orogenic Au MINE TYPE Open-pit & Underground METAL(S) Gold PRODUCT Doré ROYALTY 1.0% to 1.5% Sliding-Scale NSR (gold only) YEAR OF ACQUISITION 2008 TERM OF ROYALTY Life of Mine MINE LIFE 2042 1 Operational Overview The Canadian Malartic mine is a large, open-pit operation mined using a conventional fleet of excavators and trucks. Upon depletion of the Canadian Malartic pit, preparation work will be undertaken for in-pit tailings disposal, and the focus of open-pit mining will move to the Barnat pit immediately to the east of the Malartic pit. First production from underground operations was achieved in March 2023. Mined ore is processed at the Canadian Malartic mineral processing complex, which has a 60,000 tonne per day nominal throughput capacity. After crushing and grinding, the ore is contained in a thickened slurry and processed using conventional cyanidation followed by carbon-in-pulp processing to produce doré bars containing gold and silver. 2025 OPERATOR GUIDANCE From 2025 to 2027, production is expected to be sourced from the Barnat pit and increasingly complemented by ore from Odyssey underground mine and low-grade stockpiles. 2 Royal Gold’s royalty interest does not cover the Barnat pit or the Odyssey underground mine. 1 Source: Agnico Eagle, 2024 Annual Information Form. The Canadian Malartic pit was depleted in the second quarter of 2023. Royal Gold expects processing of Canadian Malartic pit stockpiles to continue for at least the next decade. 2 Source: Agnico Eagle, February 13, 2025, Press Release Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 51

Royal Gold’s Royalty Interest Royal Gold originally acquired a 2.0% to 3.0% sliding-scale NSR royalty on Canadian Malartic as part of the acquisition of a royalty portfolio from Barrick Gold Corporation on July 31, 2008. On March 28, 2011, Osisko exercised an option to purchase 50% of the royalty, which reduced the royalty to its current 1.0% to 1.5% sliding-scale NSR royalty rate. Royal Gold’s royalty applies to gold production from certain claims included in the Canadian Malartic property, which includes the Canadian Malartic mine. At a gold price below $350 per ounce the royalty rate is 1.0%, which increases to 1.5% at a gold price equal to or above $350 per ounce. FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $83.1 2023: 2024: Historic Revenue to Royal Gold US$M $1.5 $0.6 Acquisition Cost US$M $38.8 Investment Recovered % 214% Net Book Value US$M $1.8 MINERAL RESOURCES AND RESERVES As of December 31, 2024 CONTAINED Gold (koz) AGEOs * (koz) Proven and Probable 202 3 Measured and Indicated – – Inferred – – * ROYAL GOLD 2024 Asset Handbook 52 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. For more information, please visit: www.agnicoeagle.com

CANADA Côté Gold The Côté Gold mine is an open-pit mine owned by a joint venture between IAMGOLD Corporation (“IAMGOLD”) and Sumitomo Metal Mining Co. The mine is operated by a wholly- owned subsidiary of IAMGOLD. The mine is located in the Chester and Yeo Townships, in the District of Sudbury in northeastern Ontario, approximately 125 kilometers southwest of Timmins and 175 kilometers north of Sudbury. ROYALTY OPERATOR IAMGOLD Corporation MINERALIZATION STYLE Orogenic Au MINE TYPE Open-pit METAL(S) Gold PRODUCT Doré ROYALTY 1.0% NSR (all metals) YEAR OF ACQUISITION 2021 TERM OF ROYALTY Life of Mine MINE LIFE 2041 1 Operational Overview Côté Gold completed its first gold pour on March 31, 2024. The mine is a conventional, open-pit truck and loader operation. The process circuit includes primary crushing, secondary crushing, high pressure grinding rolls (HPGR), ball milling, vertical milling, gravity concentration and cyanide leaching, followed by gold recovery by carbon-in-pulp (CIP), stripping and electrowinning (EW). 2025 OPERATOR GUIDANCE Between 360,000 to 400,000 ounces of gold (on 100% basis). 2 Royal Gold expects that approximately two thirds of this production will be attributable to its royalty interest. LONGER-TERM OPERATOR OUTLOOK IAMGOLD expects the Côté Gold mine to produce an average of 365,000 ounces of gold per year over the life of mine with an average of 495,000 ounces of gold per year in the first six years of production. 1 Royal Gold’s Royalty Interest Royal Gold holds a 1.0% net smelter return (NSR) royalty on all metals produced from the Chester 3 mining claims, which Royal Gold estimates to contain approximately 70% of the current reserves of the Côté open pit, as well as other areas outside of the current project area. Royal Gold’s royalty interest does not include the Gosselin deposit. Royal Gold acquired this royalty interest on June 7, 2021, from a third party. 1 Source: IAMGOLD, February 2025 Corporate Presentation 2 Source: IAMGOLD, January 14, 2025, Press Release Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 53

DEVELOPMENTS AND POTENTIAL In 2025, processing rates are expected to increase towards nameplate, quarter over quarter, particularly in the second quarter following the winter season and in the fourth quarter with the installation of the additional secondary crusher. Côté Gold is targeting to achieve nameplate of 36,000 tonnes per day by Q4 2025. 2 IAMGOLD is currently evaluating the potential inclusion of the Gosselin deposit (not covered by Royal Gold’s royalty) into a future Côté Gold life of mine plan. FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $2.9 2023: 2024: Historic Revenue to Royal Gold US$M $0.0 $2.9 Acquisition Cost US$M $75.0 Investment Recovered % 4% Net Book Value US$M $74.0 MINERAL RESOURCES AND RESERVES As of December 31, 2024 CONTAINED Gold (koz) AGEOs * (koz) Proven and Probable 5,139 51 Measured and Indicated 3,111 31 Inferred 824 8 * ROYAL GOLD 2024 Asset Handbook 54 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. For more information, please visit: www.iamgold.com

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

DEVELOPMENTS AND POTENTIAL Exploration drilling totaled 50,300 metres at LaRonde in 2024, divided between the LZ5 area, the Bousquet 2 area and the main LaRonde orebody at depth. Recent exploration drilling highlights include intersections near the current limits of known mineralized zones at LZ5 and Zone 3-4 with hole BZ-2024-005 returning 5.2 g/t gold over 5.7 metres at 390 metres depth west of the LZ5 mineral reserves and hole BZ-090-006 returning 7.8 g/t gold over 2.8 metres at 1,330 metres depth in Zone 3-4. The results demonstrate the potential for growth of mineral reserves in these zones. In Zone 3-1, hole LR-215-025 intersected 7.0 g/t gold over 5.0 metres at 2,197 metres depth and hole LR-215-024 intersected 6.8 g/t gold over 2.8 metres at 2,313 metres depth, extending the known mineralization down- plunge by approximately 300 metres beneath the main mineral resources in the zone. 4 In 2025, Agnico Eagle plans to complete approximately 225 metres of development at LZ5 to provide drilling platforms for conversion of Zone 5 at depth. 5 FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $14.8 2023: 2024: Historic Revenue to Royal Gold US$M $2.5 $3.6 Acquisition Cost US$M $3.4 Investment Recovered % 431% Net Book Value US$M $1.7 MINERAL RESOURCES AND RESERVES As of December 31, 2023 CONTAINED Gold (koz) AGEOs * (koz) Proven and Probable 635 13 Measured and Indicated 774 15 Inferred 1,134 23 * 56 ROYAL GOLD 2024 Asset Handbook 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. For more information, please visit: www.agnicoeagle.com

CANADA Rainy River Rainy River is an open-pit and underground mine operated by New Gold Inc. (“New Gold”). The mine is located 65 kilometers northwest of Fort Frances, Ontario, Canada. The Rainy River Mine occupies approximately 61 square kilometers, comprising 100 patented mining rights and surface rights claims. STREAM OPERATOR New Gold Inc. MINERALIZATION STYLE VMS/Orogenic Au MINE TYPE Open-pit & Underground METAL(S) Gold, Silver PRODUCT Doré CURRENT STREAM 6.5% of Gold Produced, 60% of Silver Produced CURRENT ONGOING PAYMENT 25% of spot for Gold, 25% of spot for Silver YEAR OF ACQUISITION 2015 TERM OF STREAM Life of Mine MINE LIFE 2033 1 Operational Overview Rainy River commenced processing open-pit ore in September 2017, and commercial production followed in October 2017. Underground production commenced from the Intrepid Zone with the first stope blasted in September 2022. The open-pit mine is a conventional truck-and-shovel mining operation, while the underground is designed as a mechanized, ramp-access mine that uses longitudinal long-hole open- stoping with unconsolidated waste backfill. The Rainy River process plant includes crushing, grinding, gravity separation, cyanide leaching, carbon-in-pulp, carbon stripping and regeneration, electrowinning, and doré production. Tailings are deposited in the tailings management area (TMA), and TMA water is reclaimed and returned to the process plant. 2025 OPERATOR GUIDANCE 265,000 to 295,000 ounces of gold, which is weighted towards the second half of the year. New Gold does not provide production guidance for silver. 2 LONGER-TERM OPERATOR OUTLOOK As per its three-year operational outlook, Rainy River is expected to produce 325,000 to 365,000 ounces of gold in 2026 and 245,000 to 295,000 ounces of gold in 2027. 2 Royal Gold’s Stream Interest In 2015, Royal Gold’s wholly-owned subsidiary, RGLD Gold AG, entered into a stream agreement with New Gold Inc. for a percentage of the gold and silver production from the Rainy River project. Specifically, RGLD Gold AG owns the right to purchase 6.5% of the gold produced until 230,000 gold ounces have been delivered, and 3.25% thereafter. The purchase price for gold ounces delivered is 25% of the spot price per ounce of gold at the time of delivery. Royal Gold also owns the right to purchase 60% of the silver produced until 3.1 million silver ounces have been delivered, and 30% thereafter. The cash purchase price for the silver ounces is 25% of the spot price per ounce of silver at the time of delivery. 1 Source: New Gold, December 31, 2024, Technical Report 2 Source: New Gold, February 13, 2025, Press Release; silver forecasts provided in 2024 Technical Report 3 Source: New Gold, October 29, 2024, and February 13, 2025, Press Releases Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 57

DEVELOPMENTS AND POTENTIAL First development ore was mined from the underground Main Zone in October 2024, ahead of schedule. The Main Zone project is on track to commence stoping in the first half of 2025, and the underground production rate is expected to ramp up to approximately 5,800 tonnes per day by 2027. 3 Exploration at Rainy River will focus on increasing high- tonnage open-pit ore to keep the processing plant operating at full capacity beyond 2029. Near-surface exploration is continuing in 2025, building on recent exploration success at Phase 5 and NW Trend. Additionally, New Gold is reviewing the viability of additional pushbacks to the open-pit which could extend mine life. The exploration strategy also considers increasing feed grade to enhance the production profile, including conversion of inferred resources within the ODM core, following up on high-grade intervals down- plunge of existing ore zones, and growing strike-extents at Intrepid to increase the ounces per vertical meter. 2 New Gold is also planning to explore for untested targets on the property beyond the existing operational footprint. FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $228.2 2023: 2024: Historic Revenue to Royal Gold US$M $38.8 $45.8 Metal Deliveries to Royal Gold Since Inception 108.6 koz Au 1,745.4 koz Ag Advance Payment US$M $175.0 Investment Recovered % 98% Net Book Value US$M $89.4 MINERAL RESOURCES AND RESERVES As of December 31, 2024 CONTAINED Gold (koz) Silver (koz) AGEOs * (koz) Proven and Probable 2,126 5,535 128 Measured and Indicated 1,294 4,573 44 Inferred 398 907 12 ROYAL GOLD 2024 Asset Handbook 58 * 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. For more information, please visit: www.newgold.com

CANADA Red Chris The Red Chris Mine is an operating open-pit mine producing gold and copper, located on the northern edge of the Skeena Mountains, approximately 1,700 kilometers north of Vancouver and 18 kilometers southeast of the town of Iskut in British Columbia, Canada. The mine is owned and operated by a joint venture, which is owned 70% by Newmont Corporation (“Newmont”) and 30% by Imperial Metals Corporation, in which Newmont is the operator. Newmont acquired its interest through the acquisition of Newcrest Mining Limited (“Newcrest”) in November 2023, and Newcrest acquired its interest in the Red Chris Mine in August 2019. ROYALTY OPERATOR Newmont Corporation MINERALIZATION STYLE Porphyry Cu-Au MINE TYPE Open-pit & Underground METAL(S) Gold, Copper PRODUCT Concentrate ROYALTY 1.0% NSR (all metals) YEAR OF ACQUISITION 2021 TERM OF ROYALTY Life of Mine MINE LIFE 2050 1 Operational Overview The Red Chris Mine is currently an open-pit operation. Mining is conducted using a conventional truck and shovel fleet. The plant consists of a semi-autogenous mill, ball mill, pebble crushing (SABC) comminution circuit housed in a single process building. The recovery circuit consists of sequential flotation to produce a gold-copper concentrate. In 2021, Newcrest issued results of a Pre-Feasibility Study (Newcrest PFS) for the transition from an open-pit to a large- scale, block cave operation. The proposed mine plan uses conventional block cave technology, including mine design and equipment. The Newcrest PFS includes upgrades to the existing processing plant to treat underground ore at a throughput rate of 13.6 Mtpa and also considers the potential upside case with a throughput rate of 15 Mtpa. 2025 OPERATOR GUIDANCE Approximately 86,000 ounces of gold and 88 million pounds of copper (on 100% basis). 2 LONGER-TERM OPERATOR OUTLOOK Newmont is conducting a feasibility study on a potential underground block cave mine and has commenced an exploration decline. 3 Royal Gold’s Royalty Interest Royal Gold owns a 1.0% net smelter return (NSR) royalty on all metals produced from an area covering approximately 51 square kilometers, which includes the currently known mineralization and prospective exploration areas of the Red Chris Mine. Royal Gold acquired the royalty on August 11, 2021, from Glencore Canada Corporation, a wholly owned subsidiary of Glencore International AG. Royalty payments are made annually within 90 days of the end of the calendar year. 1 Source: Newmont, February 20, 2025, Corporate Presentation: 26-year reserve life with upside from resources and exploration 2 Source: Newmont, February 20, 2025, Press Release 3 Source: Newmont, 2024 10-K Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 59

DEVELOPMENTS AND POTENTIAL Red Chris gold production is expected to increase by approximately 50% in 2025, driven by the mining and processing of higher grade ore, while copper production is also expected to be higher in 2025 due to mine sequencing. Newmont is advancing the feasibility study, permitting activities and some underground development work to support the underground expansion project and an investment decision. 2 FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $9.2 2023: 2024: Historic Revenue to Royal Gold US$M $3.2 $2.6 Acquisition Cost US$M $165.1 Investment Recovered % 6% Net Book Value US$M $159.1 MINERAL RESOURCES AND RESERVES As of December 31, 2024 CONTAINED Gold (koz) Copper (Mlb) AGEOs * (koz) Proven and Probable 5,310 3,020 100 Measured and Indicated 5,233 3,588 109 Inferred 856 782 21 ROYAL GOLD 2024 Asset Handbook 60 * 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. For more information, please visit: www.newmont.com

CANADA Voisey’s Bay Voisey’s Bay is an underground mine, owned and operated by Vale Newfoundland & Labrador Ltd., a subsidiary of Vale S.A. (“Vale”). Voisey’s Bay is located in the province of Newfoundland and Labrador, Canada, approximately 35 kilometers southwest of the town of Nain and 80 kilometers northwest of Natuashish. ROYALTY OPERATOR Vale S.A. MINERALIZATION STYLE Magmatic Ni-Cu MINE TYPE Open-pit & Underground METAL(S) Nickel, Cobalt, Copper PRODUCT Concentrate & Cathode ROYALTY 2.7% NVR (all metals) YEAR OF ACQUISITION 2010 TERM OF ROYALTY Life of Mine MINE LIFE 2038 1 Operational Overview Operations at the Voisey’s Bay open-pit mine began in 2005. Ore is processed at a 6,000 tonne per day mill facility that produces two products: nickel-cobalt-copper concentrate and copper concentrate. Nickel concentrate is processed at the Long Harbour Processing Plant (LHPP) hydrometallurgical processing facility in Long Harbour, Newfoundland, which began operations in 2014, and copper concentrate is sold on the open market. 2025 OPERATOR GUIDANCE Detail not publicly disclosed by operator. LONGER-TERM OPERATOR OUTLOOK With the Voisey’s Bay underground mine extension project (VBME), estimated average annual production will be around 45,000 tonnes of nickel, 20,000 tonnes of copper and 2,600 tonnes of cobalt. 1 Ramp-up to these levels is expected to be complete by the second half of 2026. Royal Gold’s Royalty Interest Labrador Nickel Royalty Limited Partnership (LNRLP) holds a 3% net value royalty (NVR) on all metals produced from Voisey’s Bay, of which Royal Gold, Inc.’s wholly-owned indirect subsidiary, International Royalty Corporation, is the general partner and 90% owner. The remaining 10% interest in LNRLP is owned by a subsidiary of Altius Minerals Corporation. Royal Gold acquired the Voisey’s Bay royalty, effective February 22, 2010, with the acquisition of International Royalty Corporation. 1 Source: Vale, 2024 20-F 2 Source: Vale, December 3, 2024, Press Release Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 61

DEVELOPMENTS AND POTENTIAL In December 2024, Vale announced it had completed construction and commissioning of the VBME project, with the expansion transitioning Voisey’s Bay from open-pit to underground mining at the Reid Brook and Eastern Deeps mines, and extending the mine life of the Voisey’s Bay operation to 2037. Full ramp-up of the VBME is expected by the second half of 2026. 2 FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $228.7 2023: 2024: Historic Revenue to Royal Gold US$M $5.3 $6.0 Acquisition Cost US$M $205.7 Investment Recovered % 111% Net Book Value US$M $81.2 MINERAL RESOURCES AND RESERVES As of December 31, 2024 CONTAINED Nickel (Mlb) Cobalt (Mlb) Copper (Mlb) AGEOs * (koz) Proven and Probable 1,175 75 534 47 Measured and Indicated 58 1 45 3 Inferred 300 20 150 12 * 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 62 For more information, please visit: www.vale.com

CANADA Williams Williams is an underground and open-pit gold mining operation, owned and operated by Barrick Gold Corporation (“Barrick”). Williams is located in northwestern Ontario, Canada, approximately 350 kilometers east of the city of Thunder Bay. Williams is part of Barrick’s larger Hemlo operation. ROYALTY OPERATOR Barrick Gold Corporation MINERALIZATION STYLE Orogenic Au MINE TYPE Open-pit & Underground METAL(S) Gold PRODUCT Doré ROYALTY 0.97% NSR (all metals) YEAR OF ACQUISITION 2007 and 2010 TERM OF ROYALTY Life of Mine MINE LIFE N/A 1 Operational Overview The open-pit operation is a typical truck-and-loader/hydraulic shovel operation. Underground stoping comprises longhole and Alimak mining methods. The processing plant consists of crushing, grinding, cyanide leaching, carbon-in-pulp (CIP), carbon stripping and reactivation, electrowinning and refining. The mill has two parallel grinding circuits, each consisting of a 6,000 tonne coarse ore bin, a semi-autogenous grinding (SAG) mill, and a ball mill that is operated in closed circuit with hydrocyclones. 2025 OPERATOR GUIDANCE Barrick expects overall Hemlo production of 140,000 to 160,000 ounces in 2025. Detail on Williams production was not publicly disclosed by operator. 1 LONGER-TERM OPERATOR OUTLOOK Detail not publicly disclosed by operator. 1 Royal Gold’s Royalty Interest Royal Gold holds a 0.97% net smelter return (NSR) royalty on all metals produced from areas subject to our royalty interest at the Williams mine. Royal Gold acquired its 0.97% NSR royalty interest through two transactions: • Royal Gold acquired a 0.72% NSR interest at Williams on October 25, 2007, as part of the acquisition of Battle Mountain Gold Exploration Corporation. • Royal Gold acquired a 0.25% NSR interest at Williams, effective February 22, 2010, with the acquisition of International Royalty Corporation. 1 Provided for Hemlo and not Williams specifically 2 Source: Barrick, March 14, 2025, Press Release Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 63

DEVELOPMENTS AND POTENTIAL Permitting and pre-stripping is underway with a target for first ore production from a new open pit in 2027. 2 The location of this new open pit relative to Royal Gold’s royalty coverage is not clear. FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $27.4 2023: 2024: Historic Revenue to Royal Gold US$M -$1.0 $1.9 Acquisition Cost US$M $7.5 Investment Recovered % 365% Net Book Value US$M $0.0 MINERAL RESOURCES AND RESERVES As of December 31, 2024 CONTAINED Gold (koz) AGEOs * (koz) Proven and Probable 861 8 Measured and Indicated 1,055 10 Inferred 160 2 * 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 64 For more information, please visit: www.barrick.com

UNITED STATES Bald Mountain Bald Mountain is a Carlin-type open-pit, run-of-mine (ROM), heap leach gold mine, owned and operated by Kinross Gold Corporation (“Kinross”). Bald Mountain is located in White Pine County, Nevada, approximately 110 kilometers southeast of Elko and 110 kilometers northwest of Ely, at the southeastern end of the Carlin Gold Trend. ROYALTY OPERATOR Kinross Gold Corporation MINERALIZATION STYLE Carlin-Type Sediment- Hosted Au MINE TYPE Open-pit METAL(S) Gold PRODUCT Doré ROYALTY 1.75% to 2.5% Sliding-Scale NSR YEAR OF ACQUISITION 1998 TERM OF ROYALTY Life of Mine MINE LIFE 2031 1 Operational Overview The Bald Mountain operation is an open-pit mining operation with production from a number of different pits. The two main deposits are Saga and LBM, and there are several satellite deposits on the property. Bald Mountain recovers gold using multiple ROM heap leach pads. Gold is extracted from the ore with a cyanide solution and collected on activated carbon-in-column (CIC) plants. Loaded carbon is shipped offsite for further processing and ultimate gold refining. 2025 OPERATOR GUIDANCE Detail not publicly disclosed by operator. LONGER-TERM OPERATOR OUTLOOK With the go-ahead decision to mine the Redbird pit at Bald Mountain, the mine life at Bald Mountain has the potential to extend through 2031. 1 Royal Gold’s Royalty Interest Royal Gold holds a 1.75% to 2.5% sliding-scale net smelter return (NSR) royalty on all metals produced from a portion of the Bald Mountain mine. The royalty is based on a sliding scale, which caps at 2.5% at gold prices above $425 per ounce. Royal Gold acquired its royalty interest on the Bald Mountain mine on March 13, 1998, from private parties. 1 Source: Kinross, February 12, 2025, Press Release Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 65

DEVELOPMENTS AND POTENTIAL Kinross has announced plans to proceed with mining at the Redbird pit at Bald Mountain, which contains approximately one million ounces of gold reserve, following the receipt of the Juniper permit in the second half of 2024. Kinross has approved mining of Phase 1 at Redbird, which contains 270,000 ounces and is expected to produce 175,000 ounces, extending production into 2028. Phase 2, unlocking another 680,000 ounces contained, could begin in 2026 and extend production from Bald Mountain through 2031. Exploration drilling in 2025 will focus on conversion of inferred resources at the Redbird pit and on generative projects looking for new deposits on the large, highly prospective land package at Bald Mountain. 1 FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $28.1 2023: 2024: Historic Revenue to Royal Gold US$M $1.6 $0.6 Acquisition Cost US$M $2.0 Investment Recovered % 1418% Net Book Value US$M $0.0 MINERAL RESOURCES AND RESERVES As of December 31, 2016 CONTAINED Gold (koz) AGEOs * (koz) Proven and Probable Current Mineral Resources and Reserves are Unavailable Measured and Indicated Inferred * 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 66 For more information, please visit: www.kinross.com

UNITED STATES Gold Hill Gold Hill is an open-pit mine, owned and operated by Kinross Gold Corporation (“Kinross”). The Gold Hill deposit is located five kilometers north of the Round Mountain pit and is part of the overall Round Mountain operation located in northern Nye County, Nevada. ROYALTY OPERATOR Kinross Gold Corporation MINERALIZATION STYLE Carlin-Type Sediment- Hosted Au MINE TYPE Open-pit METAL(S) Gold, Silver PRODUCT Doré ROYALTY 0.6% to 0.9% NSR (M-ACE claims) (all metals) YEAR OF ACQUISITION 2010 TERM OF ROYALTY Life of Mine MINE LIFE N/A Operational Overview Gold Hill is operated independently of the Round Mountain pit. Conventional open-pit mining methods are used, and the ore consists of oxide material that is placed directly on a dedicated heap leach pad adjacent to the pit. 2025 OPERATOR GUIDANCE Detail not publicly disclosed by operator. LONGER-TERM OPERATOR OUTLOOK Detail not publicly disclosed by operator. Royal Gold’s Royalty Interest Royal Gold holds a 0.6% to 0.9% sliding-scale NSR royalty on all metals produced from the M-ACE claims. The royalty is based on a sliding scale, which caps at 0.9% at gold prices above $400 per ounce. Royal Gold acquired the 0.6% to 0.9% sliding-scale NSR royalty over the M-ACE claims effective February 22, 2010, with the acquisition of International Royalty Corporation. 1 Source: Kinross investor presentation, February 24, 2025 Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 67

DEVELOPMENTS AND POTENTIAL Mining at Gold Hill was completed in December 2023. Exploration around the mine area will continue looking for targets to the west and south of the current Round Mountain deposit. Kinross has reported exploration and study work at the Gold Hill underground project that may add production to the Round Mountain operation starting in 2029. 1 FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $9.8 2023: 2024: Historic Revenue to Royal Gold US$M $0.2 $0.1 Acquisition Cost US$M $3.5 Investment Recovered % 281% Net Book Value US$M $0.0 MINERAL RESOURCES AND RESERVES As of December 31, 2023 CONTAINED Gold (koz) Silver (koz) AGEOs * (koz) Proven and Probable Current Mineral Resources and Reserves are Unavailable Measured and Indicated Inferred * 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 68 For more information, please visit: www.kinross.com

UNITED STATES Goldstrike Goldstrike is an open-pit and underground operation, held within the Barrick-operated Nevada Gold Mines LLC, a joint venture between Barrick Gold Corporation (“Barrick”) (61.5%) and Newmont Corporation (38.5%). Goldstrike is located within the northern Carlin Trend in Eureka and Elko Counties, Nevada, approximately 50 kilometers northwest of the town of Elko. The Carlin Trend is an alignment of gold mines located in a northwest-southeast belt extending eight kilometers wide and 65 kilometers long, which accounts for more gold production than any other mining district in the United States. ROYALTY OPERATOR Barrick Gold Corp. MINERALIZATION STYLE Carlin-Type Sediment- Hosted Au MINE TYPE Open-pit & Underground METAL(S) Gold PRODUCT Doré ROYALTY 0.9% NSR (all metals) YEAR OF ACQUISITION 2002 TERM OF ROYALTY Life of Mine MINE LIFE N/A 1 Operational Overview The Goldstrike complex includes the large-scale Betze-Post open-pit mine and the Meikle and Rodeo underground mines. The Goldstrike complex has two separate processing facilities including a roaster and an autoclave, each capable of treating single or double refractory ore, with recovered gold produced in the form of doré. 2025 OPERATOR GUIDANCE Detail not publicly disclosed by operator. 1 LONGER-TERM OPERATOR OUTLOOK Detail not publicly disclosed by operator. 1 Royal Gold’s Royalty Interest Royal Gold owns a 0.9% net smelter return (NSR) royalty on all metals produced from the SJ Claims, which cover part of the Betze-Post pit. Royal Gold acquired the Goldstrike royalty in December 2002, through the acquisition of High Desert Mineral Resources. 1 Provided for NGM’s Carlin Complex and not Goldstrike specifically. Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 69

FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $85.4 2023: 2024: Historic Revenue to Royal Gold US$M $1.6 $1.7 Acquisition Cost US$M $20.8 Investment Recovered % 411% Net Book Value US$M $1.5 MINERAL RESOURCES AND RESERVES As of December 31, 2023 CONTAINED Gold (koz) AGEOs * (koz) Proven and Probable 1,259 11 Measured and Indicated – – Inferred – – * 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 70 For more information, please visit: www.barrick.com

UNITED STATES Granite Creek The Granite Creek (formerly Pinson) mine, formerly operated as an open-pit gold mining facility, is currently owned by Osgood Mining Company, LLC., a subsidiary of i-80 Gold Corp (“i-80”). Granite Creek is located in the Potosi Mining District in southeastern Humboldt County, Nevada, approximately 44 kilometers northeast of Winnemucca. ROYALTY OPERATOR i-80 Gold Corp. MINERALIZATION STYLE Carlin-Type Sediment- Hosted Au MINE TYPE Open-pit & Underground METAL(S) Gold PRODUCT Doré ROYALTY Various (see map below for details) (all metals) YEAR OF ACQUISITION 2010 TERM OF ROYALTY Life of Mine MINE LIFE 2032 (Underground), 10 years (Open-pit) Operational Overview Granite Creek hosts both high grade open-pit and underground mineral resources and remains open at depth and along strike from the existing underground workings. The Granite Creek underground mine is currently producing, and the open pit project is undergoing a permitting and technical study. 2025 OPERATOR GUIDANCE 20,000 - 30,000 ounces of gold from the underground 1 . LONGER-TERM OPERATOR OUTLOOK i-80 expects annual gold production of approximately 60,000 ounces over an eight year mine life for the underground mine (with approximately 50,000 ounces in 2026 and 45,000 ounces in 2027), and approximately 130,000 ounces from the open pit after ramping up to full production starting in ~2030. 1 Royal Gold’s Royalty Interest Royal Gold holds various royalties pursuant to two separate agreements, as more particularly described on the corresponding area of interest map. Royal Gold acquired the Granite Creek royalties effective February 22, 2010, with the acquisition of International Royalty Corporation. 1 Source: i-80, March 6, 2025, Investor Day Presentation Materials Reference Details Portfolio and Outlook Performance Expected Overview Portfolio Our Business Attributes of Introduction 71

DEVELOPMENTS AND POTENTIAL The Granite Creek underground mine is in operation and currently ramping up to full production. i-80 is targeting average annual production of 60,000 ounces over an eight- year mine life. A Feasibility Study is expected to be released in Q4 2025 that will include an updated operational plan and results from new drilling in the South Pacific Zone. The Granite Creek open-pit, adjacent to the underground mine, is at the study and permitting stage. i-80 completed a Preliminary Economic Assessment in March 2025, that defines a large open pit mine producing approximately 130,000 ounces per year over a 10-year mine life. i-80 is targeting completion of a Feasibility Study that includes an updated mineral resource estimate in Q4 2025. 1 FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $2.9 Historic Revenue to Royal Gold US$M 2023: 2024: $0.5 $1.1 Acquisition Cost US$M $4.1 Investment Recovered % 70% Net Book Value US$M $1.6 MINERAL RESOURCES AND RESERVES As of December 31, 2024 CONTAINED Gold (koz) AGEOs * (koz) Proven and Probable – – Measured and Indicated 1,696 56 Inferred 401 21 ROYAL GOLD 2024 Asset Handbook * 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. 72 For more information, please visit: www.i80gold.com

UNITED STATES Johnson Camp The Johnson Camp Mine (“JCM”) is owned by Gunnison Copper Corp. (“Gunnison”) and is located in a sparsely populated ranching and mining area about 105 kilometers by road east of Tucson, Arizona. ROYALTY OPERATOR Gunnison Copper Corp. MINERALIZATION STYLE Skarn MINE TYPE Open-pit METAL(S) Copper PRODUCT Cathode ROYALTY 2.5% NSR (all metals) YEAR OF ACQUISITION 2010 TERM OF ROYALTY Life of Mine MINE LIFE 2047 1 Operational Overview The JCM is a past producing open-pit, heap leach operation. The operation includes two open-pits, a two-stage crushing-agglomerating circuit, a solvent extraction and electrowinning (SX-EW) plant capable of producing 25 million pounds of copper cathode per year, a set of pregnant leach solution and raffinate ponds, and support infrastructure (ancillary facilities, access, power, water and communications). 2025 OPERATOR GUIDANCE Detail not publicly disclosed by operator. LONGER-TERM OPERATOR OUTLOOK Detail not publicly disclosed by operator. Royal Gold’s Royalty Interest Royal Gold holds a 2.5% net smelter return (NSR) royalty on all metals produced from Johnson Camp. Royal Gold acquired the Johnson Camp 2.5% NSR royalty on February 22, 2010, with the acquisition of International Royalty Corporation. 1 Source: Gunnison, February 2025 Corporate Presentation 2 Source: Gunnison, Q3 2024 MD&A 73 Materials Reference Details Portfolio and Outlook Performance Expected Overview Portfolio Our Business Attributes of Introduction

DEVELOPMENTS AND POTENTIAL Gunnison, with Nuton LLC, a Rio Tinto venture, is in the process of restarting operations of JCM open pits, incorporating sulfide leaching technology to improve recoveries. Construction completion and first copper production from the restarted operations at JCM are expected to occur in the second half of 2025. 2 FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $0.3 Historic Revenue to Royal Gold 2023: 2024: US$M $0.1 $0.0 Acquisition Cost US$M $4.7 Investment Recovered % 5% Net Book Value US$M $4.4 MINERAL RESOURCES AND RESERVES As of February 21, 2022 CONTAINED Copper (Mlb) AGEOs * (koz) Proven and Probable – – Measured and Indicated – – Inferred 472 9 * 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. 74 ROYAL GOLD 2024 Asset Handbook For more information, please visit: www.gunnisoncopper.com

UNITED STATES Leeville Leeville is an underground gold mine in the Carlin Complex, held within the Barrick-operated Nevada Gold Mines LLC, a joint venture between Barrick Gold Corporation (“Barrick”) (61.5%) and Newmont Corporation (38.5%). Leeville is located in northeastern Nevada, approximately 15 kilometers northwest of the town of Carlin and 50 kilometers west-northwest of Elko. ROYALTY OPERATOR Barrick Gold Corp. MINERALIZATION STYLE Carlin-Type Sediment- Hosted Au MINE TYPE Underground METAL(S) Gold PRODUCT Doré ROYALTY 1.8% NSR (all metals) YEAR OF ACQUISITION 2002 TERM OF ROYALTY Life of Mine MINE LIFE N/A 1 Operational Overview Mining at Leeville started in 2005. Leeville utilizes two main mining methods for ore extraction: underhand drift-and-fill, and long-hole stoping. Gold mineralization in the Leeville complex is refractory. Leeville ore is processed in the Carlin Complex roasters or autoclaves. 2025 OPERATOR GUIDANCE Detail not publicly disclosed by operator. 1 LONGER-TERM OPERATOR OUTLOOK Detail not publicly disclosed by operator. 1 Royal Gold’s Royalty Interest Royal Gold holds a 1.8% net smelter return (NSR) royalty on all metals produced from areas subject to our royalty interest at Leeville. Royal Gold acquired the Leeville royalty in December 2002, through the acquisition of High Desert Mineral Resources. 1 Provided for NGM’s Carlin Complex and not Leeville specifically. 2 Source: Barrick, 2023 Annual Information Form Materials Reference Details Portfolio and Outlook Performance Expected Overview Portfolio Our Business Attributes of Introduction 75

DEVELOPMENTS AND POTENTIAL In the Rita K area, which forms most of Royal Gold’s exposure to exploration upside, high-grade reserve and resource definition continued to confirm the structural model south from Leeville. Similar structural relationships observed in Turf and West Leeville have been identified as high-grade controls to mineralization at Rita K. Additional drilling from surface is expected to delineate more inferred-level material at Upper Rita K, ahead of the development of a critical exploration drift. 2 FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $96.8 Historic Revenue to Royal Gold 2023: 2024: US$M $5.7 $7.9 Acquisition Cost US$M $18.3 Investment Recovered % 529% Net Book Value US$M $0.6 MINERAL RESOURCES AND RESERVES As of December 31, 2024 CONTAINED Gold (koz) AGEOs * (koz) Proven and Probable 1,112 20 Measured and Indicated 2,055 37 Inferred 1,216 22 * 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. 76 ROYAL GOLD 2024 Asset Handbook For more information, please visit: www.barrick.com

UNITED STATES Manh Choh The Manh Choh Project (formerly Peak Gold Project and, prior to that, Tetlin Gold Project) is located near Tok, Alaska, and is accessible by road from the Alaska Highway. The project is situated within the 2,732 square kilometer mineral lease with the Village of Tetlin. The Manh Choh Project is owned by a joint venture between Kinross Gold Corporation (“Kinross”) (70% operating interest) and Contango ORE, Inc. (30% interest). ROYALTY OPERATOR Kinross Gold Corporation MINERALIZATION STYLE Skarn MINE TYPE Open-pit METAL(S) Gold PRODUCT Doré ROYALTY 3.0% NSR (all metals), 28% NSR (silver only) YEAR OF ACQUISITION 2014 and 2020 TERM OF ROYALTY Life of Mine MINE LIFE 2029 1 Operational Overview Manh Choh is an open-pit operation mined with conventional open-pit mining equipment. Ore from Manh Choh is trucked approximately 400 kilometers southeast to Kinross’ Fort Knox facility where it is batch processed through existing mill and infrastructure. First gold from Manh Choh was poured at the Fort Knox mill on July 8, 2024. 2 2025 OPERATOR GUIDANCE 200,000 ounces of gold (100% basis). 2 LONGER-TERM OPERATOR OUTLOOK Manh Choh is expected to produce a total of approximately 910,000 gold equivalent ounces (100% interest) over its mine life. 3 Royal Gold’s Royalty Interest Royal Gold currently holds a 3.0% net smelter return (NSR) royalty on all metals produced from Manh Choh and an incremental 28% NSR on silver produced from Manh Choh. Royal Gold received the incremental 28% NSR on silver as part of consideration for its divestiture of its 40% interest in Manh Choh in September 2020. Peak Gold, LLC retains the right to acquire 50% of the incremental 28% net smelter return royalty on silver for $4 million. 1 Source: Kinross, 2024 Annual Information Form 2 Source: Contango ORE, Inc., November 29, 2024, Press Release 3 Source: Kinross, July 27, 2022, Press Release: The guidance for the 100% interest is estimated based on Kinross' guidance of 640,000 gold equivalent ounces for its 70% interest. 4 Source: Kinross, February 12, 2025, Press Release Materials Reference Details Portfolio and Outlook Performance Expected Overview Portfolio Our Business Attributes of Introduction 77

DEVELOPMENTS AND POTENTIAL Kinross reported that 4,760 meters of drilling were completed at Manh Choh in 2024 across six target areas identifying encouraging skarn alteration at three targets that will be further investigated in 2025. Surface sampling identifying new drill targets was completed along the mine road corridor and greater Tetlin lease in 2024. 4 FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $10.7 2023: 2024: Historic Revenue to Royal Gold US$M $0.0 $10.7 Acquisition Cost US$M $10.4 Investment Recovered % 102% Net Book Value US$M $9.3 MINERAL RESOURCES AND RESERVES As of December 31, 2024 CONTAINED Gold (koz) Silver (koz) AGEOs * (koz) Proven and Probable 797 1,449 29 Measured and Indicated 33 123 1 Inferred – – – * 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. For more information, please visit: www.kinross.com 78 ROYAL GOLD 2024 Asset Handbook

UNITED STATES ROYALTY Marigold Marigold is owned and operated by Marigold Mining Company, a wholly-owned subsidiary of SSR Mining Inc. Marigold is located in southern Humboldt County, Nevada, in the northern foothills of the Battle Mountain Range, approximately 60 kilometers east of the town of Winnemucca and five kilometers south-southwest of the town of Valmy. OPERATOR SSR Mining Inc. MINERALIZATION STYLE Carlin-Type Sediment- Hosted Au MINE TYPE Open-pit METAL(S) Gold PRODUCT Doré ROYALTY 2.0% NSR (all metals) YEAR OF ACQUISITION 2008 TERM OF ROYALTY Life of Mine MINE LIFE 2032 1 Operational Overview In production since 1989, Marigold is a large, run-of-mine (ROM) heap leach operation with several open-pits, waste rock stockpiles, leach pads, a carbon absorption facility, and a carbon processing and gold refining facility. Currently the mine utilizes a fleet of 290-tonne haul trucks and three loading units. The Marigold processing plant combines industry standard ROM heap leaching, carbon adsorption, carbon desorption and electro-winning circuits to produce a final precious metal (doré) product. 2025 OPERATOR GUIDANCE 160,000 to 190,000 ounces of gold. 2 LONGER-TERM OPERATOR OUTLOOK As per its five-year production outlook provided in February 2024, Marigold is expected to produce 220,000 to 240,000 ounces of gold in 2026; 240,000 to 270,000 ounces of gold in 2027; and 220,000 to 250,000 ounces of gold in 2028. 3 Royal Gold’s Royalty Interest Royal Gold holds a 2.0% net smelter return (NSR) royalty on all metals produced from areas subject to our royalty interest at the Marigold mine. On February 22, 2008, Royal Gold announced it completed the acquisition of the 2.0% NSR royalty on Marigold from AngloGold Ashanti (USA) Exploration. 1 Source: SSR Mining, February 13, 2024, Press Release: 9-year mine life, 15 years of total production including residual leaching 2 Source: SSR Mining, March 31, 2025, Press Release 3 Source: SSR Mining, February 13, 2024, Press Release 4 Source: SSR Mining, September 2023 Corporate Presentation Materials Reference Details Portfolio and Outlook Performance Expected Overview Portfolio Our Business Attributes of Introduction 79

DEVELOPMENTS AND POTENTIAL For 2025, Marigold’s production is expected to be 55 to 60% weighted to the second half of 2025, as higher grades stacked at the end of the first half drive increased production in the second half. Marigold is expected to stack 18 to 20 million ore tonnes at an average grade of 0.35 to 0.40 grams per tonne. 2 SSR mining continues to advance development and technical work with the goal to enable mine life extensions at Marigold, including potential expansion to Mackay and other deposits. 2 SSR Mining is also evaluating the longer-term pathways to production at the Trenton Canyon target where Royal Gold holds a 2.4% GSR royalty. 4 FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $69.7 2023: 2024: Historic Revenue to Royal Gold US$M $5.1 $8.1 Acquisition Cost US$M $5.3 Investment Recovered % 1315% Net Book Value US$M $1.0 MINERAL RESOURCES AND RESERVES As of December 31, 2022 CONTAINED Gold (koz) AGEOs * (koz) Proven and Probable 1,784 36 Measured and Indicated 1,534 23 Inferred 152 3 * 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. 80 ROYAL GOLD 2024 Asset Handbook For more information, please visit: www.ssrmining.com

UNITED STATES Robinson Robinson is an open-pit copper mine containing three major zones: Tripp-Veteran, Liberty and Ruth. Robinson is owned and operated by Robinson Nevada Mining Company, a subsidiary of KGHM Polska Miedź S.A. (“KGHM”), and is located in White Pine County, Nevada, approximately 11 kilometers west of Ely. ROYALTY OPERATOR KGHM Polska Miedź S.A. MINERALIZATION STYLE Porphyry Cu-Au MINE TYPE Open-pit METAL(S) Copper, Gold, Molybdenum PRODUCT Concentrate ROYALTY 3.0% NSR (all metals) YEAR OF ACQUISITION 2005 TERM OF ROYALTY Life of Mine MINE LIFE 2036 1 Operational Overview The property is a mature mine site that has been actively mined from the late 1800s to 1978, from 1986 to 1999, and again from 2004 to the present. Mining is conducted by conventional open-pit methods. The processing plant utilizes crushing, milling and flotation to produce a copper-gold concentrate and a molybdenum concentrate. Concentrates are transported to storage facilities in Wendover, Nevada. 2025 OPERATOR GUIDANCE Detail not publicly disclosed by operator. LONGER-TERM OPERATOR OUTLOOK Detail not publicly disclosed by operator. Royal Gold’s Royalty Interest Royal Gold holds a 3.0% net smelter return (NSR) royalty on all metals produced from the Robinson mine. Royal Gold acquired this royalty interest effective December 28, 2005, from Kennecott Minerals Company. 1 Source: KGHM, 2022 Integrated Report 2 Source: KGHM, Q1 2023 Transcript 3 Source: KGHM, March 2025, Management Board’s Report on Activities in 2024 Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 81

DEVELOPMENTS AND POTENTIAL In 2023, KGHM disclosed an extension of the mine life to 14 years, or 2036, and investments to modernize and optimize the mine, including upgrading the haulage fleet. 1,2 In 2025, KGHM expects lower copper production mainly due to the mineralogical composition of ore scheduled for mining at Robinson (decrease in copper content). 3 FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $205.2 2023: 2024: Historic Revenue to Royal Gold US$M $9.1 $16.6 Acquisition Cost US$M $17.8 Investment Recovered % 1155% Net Book Value US$M $0.2 MINERAL RESOURCES AND RESERVES As of December 31, 2022 CONTAINED Copper (Mlb) Gold (koz) Molybdenum (Mlb) AGEOs * (koz) Proven and Probable Current Mineral Resources and Reserves are Unavailable Measured and Indicated Inferred * 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 82 For more information, please visit: www.kghm.com/en

UNITED STATES Ruby Hill Ruby Hill is an open-pit and underground operation, owned and operated by i-80 Gold Corp. (“i-80”). Ruby Hill is located in Eureka County, Nevada, approximately two kilometers northwest of the town of Eureka, along the southeastern end of the Battle Mountain-Eureka gold trend. ROYALTY OPERATOR i-80 Gold Corp. MINERALIZATION STYLE Carlin-Type Sediment- Hosted Au/CRD MINE TYPE Open-pit & Underground METAL(S) Gold, Silver PRODUCT Doré ROYALTY 3.0% NSR (all metals) YEAR OF ACQUISITION 2012 TERM OF ROYALTY Life of Mine MINE LIFE 10 years (Underground), 16.5 years (Open-pit) 1,2 Operational Overview Ruby Hill includes the high-grade Archimedes underground project, the Mineral Point open-pit heap leach project, as well as several base metal deposits. Processing infrastructure at Ruby Hill includes a primary crushing plant, grinding mill, leach pad, and carbon-in-column circuit. Mining activity at the Archimedes pit is complete and Royal Gold is currently receiving revenue from residual heap leach recovery operations. 2025 OPERATOR GUIDANCE Detail not publicly disclosed by operator. LONGER-TERM OPERATOR OUTLOOK Detail not publicly disclosed by operator. Royal Gold’s Royalty Interest Royal Gold holds a 3.0% net smelter return (NSR) royalty on all metals produced from the Ruby Hill mine. Royal Gold acquired its royalty interest on the Ruby Hill mine on May 23, 2012, from International Minerals Corporation. 1 Source: i-80 Gold, February 18, 2025, Press Release 2 Source: i-80 Gold, February 21, 2025, Press Release Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 83

DEVELOPMENTS AND POTENTIAL In February 2025, i-80 announced the results of a Preliminary Economic Assessment (PEA) for the Archimedes Underground Project. The PEA outlined a high-grade underground gold mine, generating average annual gold production of approximately 100,000 ounces of gold following ramp-up, with a life of mine of 10 years. i-80 is currently advancing infrastructure to access underground zones in preparation for the start of underground development in Q2 2025, while continuing exploration. i-80 is also working to finalize the first phase of permitting that will allow for mining through June 2027. A Feasibility Study with an updated mineral resource estimate is expected to be completed in 2028. 1 Also, in February 2025, i-80 announced the results of a PEA for the Mineral Point Project. The PEA envisions a large open- pit heap leach gold mine, expected to produce approximately 280,000 ounces of gold equivalent per year following ramp up, with a life of mine of 16.5 years. i-80 believes this PEA demonstrates that Mineral Point has the potential to become the flagship asset within i-80’s gold portfolio. Activity In 2025 includes baseline studies to facilitate permit application and a 6,000 metre drill program to collect samples for metallurgical and geotechnical testwork. A further 50,000 metre drill program is planned for an updated resource estimate and feasibility study in 2029. i-80 is targeting construction in 2030 and first production in 2031. 2 FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $8.6 2023: 2024: Historic Revenue to Royal Gold US$M $0.4 $0.2 Acquisition Cost US$M $37.9 Investment Recovered % 23% Net Book Value US$M $12.0 MINERAL RESOURCES AND RESERVES As of December 31, 2024 CONTAINED Gold (koz) Silver (koz) AGEOs * (koz) Proven and Probable – – – Measured and Indicated 3,812 104,423 151 Inferred 3,105 91,759 126 * 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 84 For more information, please visit: www.i80gold.com

UNITED STATES Skyline Skyline is an underground coal mining operation owned and operated by Canyon Fuel Company, LLC, a subsidiary of Wolverine Fuels, LLC (“Wolverine”). Skyline is located in Carbon County, Utah, approximately 8 kilometers southwest of Scofield, and approximately 50 kilometers northwest of Price. The Skyline mine lies at a high elevation in the northern end of the Wasatch Plateau coalfield. ROYALTY OPERATOR Wolverine Fuels, LLC MINERALIZATION STYLE N/A MINE TYPE Underground COMMODITY Coal PRODUCT High-BTU, Low-Sulfur, Compliance Thermal Coal ROYALTY 1.41% GV royalty (coal) YEAR OF ACQUISITION 2010 TERM OF ROYALTY Life of Mine MINE LIFE N/A Operational Overview Skyline has longwall and continuous mineral reserves where it produces high-BTU (British Thermal Unit), low-sulfur, compliance thermal coal. Skyline began production in 1981. 2025 OPERATOR GUIDANCE Detail not publicly disclosed by operator. LONGER-TERM OPERATOR OUTLOOK Detail not publicly disclosed by operator. Royal Gold’s Royalty Interest Royal Gold holds a 1.41% gross value (GV) royalty – which is defined as the percentage of the gross value, revenue or proceeds from a resource extraction operation without deductions of any kind – on Skyline. Royal Gold acquired its interest on February 22, 2010, with the acquisition of International Royalty Corporation, which included the Skyline royalty. Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 85

FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $18.8 2023: 2024: Historic Revenue to Royal Gold US$M $1.0 $1.4 Acquisition Cost US$M $4.8 Investment Recovered % 392% Net Book Value US$M $0.0 MINERAL RESOURCES AND RESERVES As of December 31, 2012 CONTAINED COAL (kt) AGEOs * (koz) Proven and Probable Current Mineral Resources and Reserves are Unavailable Measured and Indicated Inferred * 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 86 For more information, please visit: www.wolverinefuels.com

UNITED STATES Twin Creeks Twin Creeks is an open-pit mine, held within the Barrick-operated Nevada Gold Mines LLC, a joint venture between Barrick Gold Corporation (“Barrick”) (61.5%) and Newmont Corporation (“Newmont”) (38.5%). Twin Creeks is located in Humboldt County, Nevada, approximately 125 kilometers northwest of Elko. Under the joint venture, Barrick’s Turquoise Ridge Mine and Newmont’s Twin Creeks Complex were combined as a single operation, now known as Turquoise Ridge. ROYALTY OPERATOR Barrick Gold Corp. MINERALIZATION STYLE Carlin-Type Sediment- Hosted Au MINE TYPE Open-pit METAL(S) Gold PRODUCT Doré ROYALTY 2.0% GPR (gold only) YEAR OF ACQUISITION 2008 TERM OF ROYALTY Life of Mine MINE LIFE 2030 1 Operational Overview Turquoise Ridge Surface (Newmont’s former Twin Creeks property) was created in 1993 by the consolidation of the Rabbit Creek Mine and the Chimney Creek Mine. The former Rabbit Creek Mine is located in the south-end of the property, including what is now known as Mega Pit. The former Chimney Creek Mine included the northern portion of the Mega Pit, the Vista Pit, and Vista Underground, which is located in the north-end of the property near the Sage autoclave and Juniper oxide mill. Turquoise Ridge Surface operates the Vista and Mega pits, as well as providing ore rehandle and surface project work at Turquoise Ridge Underground. Turquoise Ridge Surface uses conventional open-pit mining methods including drilling, blasting, loading, and hauling. The current planned mining rate for Turquoise Ridge Surface is 71,000 tonnes of ore per day. Run-of-mine (ROM) higher grade oxide ore from the Turquoise Ridge Surface sources are blended for gold grade, hardness, and carbonate content and fed to the Juniper Mill. ROM lower grade oxide ore from the Turquoise Ridge Surface sources are delivered to the Juniper heap leach pads. 2025 OPERATOR GUIDANCE Detail not publicly disclosed by operator. 2 LONGER-TERM OPERATOR OUTLOOK Detail not publicly disclosed by operator. 2 Royal Gold’s Royalty Interest Royal Gold holds a 2.0% gross proceeds royalty (GPR), where royalty payments are made on contained ounces rather than recovered ounces, on gold produced from areas subject to our royalty interest at the Twin Creeks mine. Royal Gold acquired this royalty interest effective October 1, 2008, as part of the acquisition of a royalty portfolio from Barrick Gold Corporation. 1 Source: NGM, 2020 Technical Report 2 Provided for the Turquoise Ridge Complex and not Twin Creeks specifically. 3 Source: Barrick, September 12, 2023, Corporate Presentation Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 87

DEVELOPMENTS AND POTENTIAL Barrick is currently evaluating the potential for further upside at the Twin Creeks Mega open pit (Mega Pit). Targeted drilling below the Mega Pit has validated the potential for a high-grade, feeder-type target at depth. Reserve conversion drilling is expected as early as 2025. At present, Royal Gold cannot confirm whether the upside at the Mega Pit will fall within Royal Gold’s royalty AOI. 3 FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $5.4 2023: 2024: Historic Revenue to Royal Gold US$M $0.0 $0.0 Acquisition Cost US$M $2.5 Investment Recovered % 215% Net Book Value US$M $0.0 MINERAL RESOURCES AND RESERVES As of December 31, 2022 CONTAINED Gold (koz) AGEOs * (koz) Proven and Probable 54 1 Measured and Indicated 16 – Inferred 1 – * 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 88 For more information, please visit: www.barrick.com

UNITED STATES Wharf Wharf is an open-pit heap leach operation, owned and operated by Wharf Resources (U.S.A.), Inc., a wholly-owned subsidiary of Coeur Mining, Inc. (“Coeur”). Wharf is located in the northern Black Hills, Lawrence County, South Dakota, approximately 10 kilometers south and west of the city of Lead. The Wharf Operation consists of the American Eagle, Green Mountain, Golden Reward, and Portland Ridgeline pits. ROYALTY OPERATOR Coeur Mining, Inc. MINERALIZATION STYLE Intrusive and Sediment- Hosted Disseminated Au MINE TYPE Open-pit METAL(S) Gold PRODUCT Doré ROYALTY 0.0% to 2.0% Sliding-Scale GSR (gold only) YEAR OF ACQUISITION 2008 TERM OF ROYALTY Life of Mine MINE LIFE 2030 1 Operational Overview Wharf operates as a conventional truck-and-loader heap leach gold mine. The mine has been in continuous operation since 1983. Several historic pits that were partially backfilled are being re- mined. The backfilled material is considered rehandle and does not require blasting. Mined ore is either placed in a stockpile or directly into the primary crusher and then conveyed to a final product stockpile. Crushed ore is picked up by loaders and placed in trucks to be dumped in 20-foot lifts on one of five heap leach pads. After leaching, ore is neutralized and de-nitrified. 2025 OPERATOR GUIDANCE 90,000 to 100,000 ounces of gold. 2 LONGER-TERM OPERATOR OUTLOOK As per its 2022 Technical Report, at Wharf, the amount of gold placed on the leach pad is expected to be relatively consistent, year-on-year. 1 Royal Gold’s Royalty Interest Royal Gold holds a 0.0% to 2.0% sliding-scale gross smelter return (GSR) royalty on gold production from areas subject to our royalty interest at Wharf. The royalty is based on a sliding scale, which caps at 2.0% at gold prices above $500 per ounce; gold prices have exceeded $1,000 per ounce for over a decade. Royal Gold acquired this royalty interest effective October 1, 2008, as part of the acquisition of a royalty portfolio from Barrick Gold Corporation. 1 Source: Coeur Mining, December 31, 2022, Technical Report 2 Source: Coeur Mining, February 19, 2025, Press Release 3 Source: Coeur Mining, March 17, 2025, Investor Presentation Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 89

DEVELOPMENTS AND POTENTIAL The Wharf mine has been a steady producer with a good track record for replacing depletion of gold reserves, year-on-year. In 2024, Coeur reported that measured and indicated gold resources more than doubled to 1,019,000 ounces, and inferred gold resources more than tripled to 470,000 ounces, driven by drilling at the North Foley and Juno targets, which are both adjacent to or encompass historical pits at Wharf. Coeur believes these targets demonstrate the potential to substantially extend the mine life at Wharf and conversion of new resources in both areas is a key priority for drilling in 2025 and beyond. 3 FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $37.0 2023: 2024: Historic Revenue to Royal Gold US$M $3.6 $2.8 Acquisition Cost US$M $3.7 Investment Recovered % 1006% Net Book Value US$M $0.0 MINERAL RESOURCES AND RESERVES As of December 31, 2023 CONTAINED Gold (koz) AGEOs * (koz) Proven and Probable 700 14 Measured and Indicated – – Inferred – – * 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 90 For more information, please visit: www.coeur.com

MEXICO Dolores Dolores is an open-pit and underground silver-gold mine owned and operated by Compañía Minera Dolores S.A. de C.V., a wholly owned subsidiary of Pan American Silver Corporation (“Pan American”). Dolores is located in the State of Chihuahua, Mexico, approximately 240 kilometers west of the city of Chihuahua. ROYALTY OPERATOR Pan American Silver Corp. MINERALIZATION STYLE Low-Sulfidation Epithermal Au MINE TYPE Open-pit & Underground METAL(S) Gold, Silver PRODUCT Doré ROYALTY 3.25% NSR (gold only), 2.0% NSR (silver only) YEAR OF ACQUISITION 2007 TERM OF ROYALTY Life of Mine MINE LIFE 2024 1 Operational Overview Construction of the mine began at the end of 2006, the first doré was produced in November 2008 and commercial production began in May 2009. The processing facilities include a crushing plant, conveying and stacking facilities, leach pads, solution ponds, and Merrill-Crowe and refining facilities. Pan American completed an expansion of the Dolores mine in 2017 that featured a pulp agglomeration plant to process high-grade ore from a new underground mine, together with the high-grade portion of the ore from the open-pit mine. Dolores has reached the end of its life. Mining concluded in July 2024 and stacking of ore on the leach pad concluded in Q1 of 2025. The mine has now entered the residual leaching phase. 2025 OPERATOR GUIDANCE Dolores is expected to produce 28,000 to 31,000 ounces of gold and 0.9 to 1.0 million ounces of silver. 2 LONGER-TERM OPERATOR OUTLOOK The property has transitioned into the residual leaching phase with active reclamation. In the residual leaching phase, gold production is expected to continue for three years and silver production for eight years. 2 Royal Gold’s Royalty Interest Royal Gold holds a 3.25% net smelter return (NSR) royalty on gold and a 2.0% NSR royalty on silver produced from the Dolores mine. Royal Gold acquired its royalty interest on October 25, 2007, as part of the acquisition of Battle Mountain Gold Exploration Corporation. 1 Source: Pan American Silver, 2024 Annual Information Form; Mining activities at the Dolores mine concluded in 2024. 2 Source: Pan American Silver, April 1, 2025, Modelling Workshop Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 91

FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $95.2 2023: 2024: Historic Revenue to Royal Gold US$M $8.0 $6.8 Acquisition Cost US$M $55.8 Investment Recovered % 171% Net Book Value US$M $0.0 MINERAL RESOURCES AND RESERVES As of June 30, 2024 CONTAINED Gold (koz) Silver (koz) AGEOs * (koz) Proven and Probable 13 600 1 Measured and Indicated 68 4,400 3 Inferred 46 1,600 2 * 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 92 For more information, please visit: www.panamericansilver.com

MEXICO Peñasquito Peñasquito is an open-pit mine composed of two main deposits, Peñasco and Chile Colorado, which host gold, silver, lead and zinc reserves. Peñasquito is operated by Minera Peñasquito S.A. de C.V., a subsidiary of Newmont Corporation (“Newmont”), and is situated in the western half of the Concepción Del Oro district in the northeast corner of the State of Zacatecas, Mexico. ROYALTY OPERATOR Newmont Corporation MINERALIZATION STYLE Breccia-Hosted Pb-Zn-Au-Ag MINE TYPE Open-pit METAL(S) Gold, Silver, Lead, Zinc PRODUCT Concentrate ROYALTY 2.0% NSR (all metals) YEAR OF ACQUISITION 2007 TERM OF ROYALTY Life of Mine MINE LIFE 2032 2 Operational Overview Open-pit mining commenced in 2010 and full production was achieved in 2011. Open-pit mining is undertaken using a conventional truck-and-shovel fleet. Processing of sulfide ore to produce zinc and lead concentrates uses a conventional crushing, milling and flotation facility with a design capacity of 130,000 tonnes per day (tpd). Currently, the Peñasco and Chile Colorado open pits are being mined. The Peñasco pit has three remaining stages (Phases 7 to 9) and will be excavated to a total depth of 780 m. The Chile Colorado pit has one remaining stage (Phase 2) and will reach 375 m ultimate depth. An ore stockpiling strategy is practiced. 1 2025 OPERATOR GUIDANCE 390,000 ounces of gold, 28 million ounces of silver, 200 million pounds of lead and 520 million pounds of zinc. 2 LONGER-TERM OPERATOR OUTLOOK Newmont has forecast average annual production of approximately 330, 000 ounces of gold, 29 million ounces of silver, 185 million pounds of lead and 460 million pounds of zinc for 2026 through 2028. 1 Peñasquito has a large resource base and prospective land package with potential to extend mine life to 2040. 3 Royal Gold’s Royalty Interest Royal Gold owns a 2.0% net smelter return (NSR) royalty on all metals produced from areas subject to our royalty interest at the Peñasquito mine. Royal Gold acquired the Peñasquito royalty in January 2007 from Minera Kennecott S.A. de C.V. 1 Source: Newmont, December 31, 2023, Technical Report 2 Source: Newmont, February 20, 2025, Press Release and Corporate Presentation 3 Source: Newmont, November 2021, Corporate Presentation Materials Reference Details Portfolio and Outlook Performance Expected Overview Portfolio Our Business Attributes of Introduction 93

DEVELOPMENTS AND POTENTIAL Peñasquito gold production is expected to increase in 2025, as mining is expected to be from the higher gold content Peñasco pit for the first half of 2025. Gold production in 2025 is expected to be approximately 60% weighted to the first half of the year. Peñasquito co-product production of silver, lead and zinc is expected to decline from 2024 levels due to reduced mining in the Chile Colorado pit as this polymetallic mine progresses through its planned sequence. 2 Newmont has identified high-priority exploration targets immediately to the east and west of the mine area under alluvial cover. Peñasquito has a large resource base and prospective land package with potential to extend mine life to 2040. 3 FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $443.1 2023: 2024: Historic Revenue to Royal Gold US$M $17.8 $46.1 Acquisition Cost US$M $99.2 Investment Recovered % 447% Net Book Value US$M $33.8 MINERAL RESOURCES AND RESERVES As of December 31, 2024 CONTAINED Gold (koz) Silver (koz) Lead (Mlb) Zinc (Mlb) AGEOs * (koz) Proven and Probable 4,000 253,200 1,755 3,815 187 Measured and Indicated 1,600 172,500 1,093 2,711 105 Inferred 100 17,200 101 302 10 * 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 94 For more information, please visit: www.newmont.com

NICARAGUA El Limón El Limón is an underground and open-pit mine owned and operated by Calibre Mining Corp. (“Calibre”). El Limón is located in northwestern Nicaragua, approximately 100 kilometers northwest of the country’s capital, Managua. ROYALTY OPERATOR Calibre Mining Corp. MINERALIZATION STYLE Low-Sulfidation Epithermal Au MINE TYPE Open-pit & Underground METAL(S) Gold, Silver PRODUCT Doré ROYALTY 3.0% NSR (all metals) YEAR OF ACQUISITION 2007 TERM OF ROYALTY Life of Mine MINE LIFE 2029 1 Operational Overview Mining operations at the El Limón Complex use conventional open-pit mining methods at the Limón Central open-pit and longitudinal sublevel stoping and modified Avoca mining methods at the Santa Pancha, Panteon and Veta Nueva underground mines. The El Limón processing plant consists of agitated cyanide leaching and carbon adsorption, followed by carbon elution, electrowinning, and doré production. The annual throughput is approximately 500,000 tonnes. 2025 OPERATOR GUIDANCE Detail not publicly disclosed by operator. 2 LONGER-TERM OPERATOR OUTLOOK Detail not publicly disclosed by operator. Royal Gold’s Royalty Interest Royal Gold holds a 3.0% net smelter return (NSR) royalty on all metals produced from the El Limón mine, which was acquired in 2007. 1 Source: Calibre Mining, March 2021 Technical Report 2 Provided for Calibre Mining’s Nicaragua operating segment and not El Limón specifically. Materials Reference Details Portfolio and Outlook Performance Expected Overview Portfolio Our Business Attributes of Introduction 95

DEVELOPMENTS AND POTENTIAL Calibre is actively exploring in the Limón area with the objective of extending mineral resources at the Tigra and Panteon Main deposits and developing new targets along known vein trends at Panteon, Portal, Talavera and Taguestepe. The 2024 maiden resource at Talavera of 630,000 inferred ounces of gold at 5.09 g/t has additional opportunities that will be advanced with expansion and delineation drilling as well as continuing work on environmental permits in 2025. Recent drilling at Talavera continues to intersect high grade gold mineralization approximately 750 metres to the west of the past-producing underground mine, and the resource remains open to the west. FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $48.6 2023: 2024: Historic Revenue to Royal Gold US$M $5.3 $7.2 Acquisition Cost US$M $6.7 Investment Recovered % 727% Net Book Value US$M $0.0 MINERAL RESOURCES AND RESERVES As of December 31, 2024 CONTAINED Gold (koz) Silver (koz) AGEOs * (koz) Proven and Probable 697 647 21 Measured and Indicated 507 149 15 Inferred 901 503 27 * 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 96 For more information, please visit: www.calibremining.com

Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials BRAZIL Mara Rosa Mara Rosa is an open-pit gold mine owned by Amarillo Mineração Do Brasil Ltda (“Amarillo”), a subsidiary of Hochschild Mining plc. (“Hochschild”), and is located in the State of Goiás, central Brazil, approximately six kilometers north of the town of Mara Rosa. ROYALTY OPERATOR Hochschild Mining plc MINERALIZATION STYLE Orogenic Au MINE TYPE Open-pit METAL(S) Gold PRODUCT Doré ROYALTY 1.0% NSR, 1.75% NSR (all metals) YEAR OF ACQUISITION 2010 and 2018 TERM OF ROYALTY Life of Mine MINE LIFE 2033 1 Operational Overview In April 2022, Hochschild acquired Amarillo and its flagship Mara Rosa project and immediately commenced project construction. Hochschild announced the Mara Rosa Project achieved first gold pour on February 20, 2024, and reached commercial production in the second quarter of 2024. 2025 OPERATOR GUIDANCE 94,000 to 104,000 ounces of gold. 2 LONGER-TERM OPERATOR OUTLOOK Mara Rosa is expected to generate average annual production of approximately 80,000 ounces of gold over its mine life (including approximately 100,000 ounces over the first four years). 3 Royal Gold’s Royalty Interest Royal Gold owns a 2.75% net smelter return (NSR) royalty on all metals produced from areas subject to our royalty interest at the Mara Rosa Project. Royal Gold acquired a 1.0% NSR royalty effective February 22, 2010, with the acquisition of International Royalty Corporation. Royal Gold purchased an additional 1.75% NSR royalty on June 29, 2018, from Amarillo Gold Corp. 1 Source: Hochschild, October 2024 Corporate Presentation (site visit to Mara Rosa) 2 Source: Hochschild, January 22, 2025, Press Release 3 Source: Hochschild, Corporate Website 4 Source: Hochschild, March 12, 2025, Press Release 97

DEVELOPMENTS AND POTENTIAL Hochschild is engaged in near-mine drill programs with a goal to discover another +1 million ounces of resources by 2030. Drilling will focus on the Posse belt, including the Posse Shear Zone, Martinho Shear Zone, and Caxias Shear Zone, to add new resources below the open-pit. 1 Hochschild announced that successful exploration added 218,000 ounces of resources below the Mara Rosa main pit in 2024. 4 FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $4.3 2023: 2024: Historic Revenue to Royal Gold US$M $0.0 $4.3 Acquisition Cost US$M $10.9 Investment Recovered % 40% Net Book Value US$M $10.0 MINERAL RESOURCES AND RESERVES As of December 31, 2024 CONTAINED Gold (koz) AGEOs * (koz) Proven and Probable 865 24 Measured and Indicated 167 5 Inferred 244 7 * 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 98 For more information, please visit: www.hochschildmining.com

BRAZIL Xavantina The Xavantina Operations (formerly known as the NX Gold Mine) is an underground mine operated by a subsidiary of Ero Copper Corp. (“Ero”), located in southeastern State of Mato Grosso, Brazil, approximately 670 kilometers east of the capital city of Cuiabá. It is accessible all-year round by road from the town of Nova Xavantina, located 18 kilometers to the east, and the site is connected to the national electrical grid. The total Xavantina Operations claim area currently covers approximately 135,000 hectares. STREAM OPERATOR Ero Copper Corp. MINERALIZATION STYLE Orogenic Au MINE TYPE Underground METAL(S) Gold PRODUCT Doré CURRENT STREAM 25.0% of Gold Produced CURRENT ONGOING PAYMENT 20% of spot for Gold YEAR OF ACQUISITION 2021 TERM OF STREAM Life of Mine MINE LIFE 2031 1 Operational Overview The Xavantina Operations consist of fully integrated underground mining and processing facilities. The high-grade, shear-zone hosted, quartz vein system is accessed via declines. Handheld and mechanized room-and-pillar and drift-and-fill mining methods are used. Ore is processed using a conventional three-stage crushing circuit, milling, and a combination of gravity concentration and intensive leaching, and flotation followed by carbon-in-leach (CIL) processing. The Xavantina Operations processing facilities have the capacity to process approximately 300,000 tonnes of ore per year; the plant is currently operating below capacity and utilization of this excess capacity could significantly increase production volumes in the future. 2025 OPERATOR GUIDANCE 50,000 to 60,000 ounces of gold. 2 LONGER-TERM OPERATOR OUTLOOK The Xavantina Operations are expected to sustain annual gold production levels of 50,000 to 60,000 ounces through 2027. 2 Royal Gold’s Stream Interest Royal Gold’s wholly-owned subsidiary, RGLD Gold AG, entered into a stream agreement on June 30, 2021, with a subsidiary of Ero, and the transaction closed on August 6, 2021. On March 31, 2025, RGLD Gold AG entered into an additional stream and, also, expanded the area of interest covered by the original and incremental streams. Royal Gold is entitled to receive 25% of the gold produced from the Xavantina Operations until the delivery of 160,000 ounces, and 10% thereafter. The cash purchase price for gold is 20% of the spot gold price for each ounce delivered until the delivery of 49,000 ounces, and 40% of the spot gold price thereafter. Royal Gold will also contribute $5 per ounce of gold delivered under the stream agreement towards Ero’s environmental, social and governance (ESG) commitments within the area of influence of the Xavantina Operations. Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 99 1 Source: Ero, based on updated reserves as disclosed in December 3, 2024, Press Release, and a production run-rate of 55 koz/year 2 Source: Ero, February 11, 2025, Press Release 3 Source: Ero, 2023 Annual Information Form 4 Source: Ero, March 11, 2025, Investor Presentation

DEVELOPMENTS AND POTENTIAL The NX 60 initiative, aimed at achieving sustained annual gold production levels of approximately 60,000 ounces, was completed in 2023 through the development of the Matinha Vein to supplement existing production from the Santo Antônio Vein. Ero’s dual strategy at Xavantina remains focused on extending mine life and discovering new vein structures to expand mine and mill feed, to fully utilize the mill’s installed capacity of up to 300,000 tonnes per annum. 3 In the near term, which Ero defines as being within three years, Ero is targeting a mine life extension to 10 years at Xavantina. 4 FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $90.3 2023: 2024: Historic Revenue to Royal Gold US$M $25.4 $38.8 Metal Deliveries to Royal Gold Since Inception US$M 45.2 koz Au Advance Payment US$M $100.0 Investment Recovered % 70% Net Book Value US$M $73.2 MINERAL RESOURCES AND RESERVES As of June 30, 2024 CONTAINED Gold (koz) AGEOs * (koz) Proven and Probable 459 70 Measured and Indicated 139 – Inferred 216 – * 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 100 For more information, please visit: www.erocopper.com

GHANA Wassa The Wassa mine and mill are located in the Wassa East District, in the Western Region of Ghana. Golden Star Wassa Ltd. (GSWL) owns the rights to mine the Wassa, Benso and Hwini- Butre concessions. Chifeng Jilong Gold Mining Co., Ltd. (“Chifeng”) owns a 90% interest in GSWL, with the Government of Ghana owning the remaining 10%. STREAM OPERATOR Chifeng Jilong Gold Mining Co., Ltd. MINERALIZATION STYLE Orogenic Au MINE TYPE Open-pit & Underground METAL(S) Gold PRODUCT Doré CURRENT STREAM 10.5% of Payable Gold CURRENT ONGOING PAYMENT 20% of spot for Gold YEAR OF ACQUISITION 2015 TERM OF STREAM Life of Mine MINE LIFE 2028 1 Operational Overview The Wassa mine was originally developed as a three million tonne per annum (Mtpa) open-pit heap leach operation with first ore mined in 1998. After approximately one year of production, it became evident that the predicted heap leach gold recovery of 85% in the oxide ore could not be achieved and the operation was shut down. In 2002 Golden Star Resources acquired the property and constructed a 2.7 Mtpa carbon-in- leach (CIL) plant. The Wassa open-pit operations commenced in 2005. In 2017 commercial production was achieved at the underground operation. Both open-pit and underground mining continue to operate. Access to the underground mine is via declines in the Wassa open-pit, with the capacity to support a production rate of 5,000 tonnes per day. The mining method is sublevel, open-stoping with cemented paste backfill. Mining is undertaken using trackless, diesel-powered equipment including twin boom jumbos for development and long-hole drills for production drilling, and mined material is trucked to surface using 40 tonne trucks. 2025 OPERATOR GUIDANCE 200,000 ounces of gold. 1 LONGER-TERM OPERATOR OUTLOOK Gold production forecast based on reserves only is approximately 185,000 ounces in 2026, 115,000 ounces in 2027 and 30,000 ounces in 2027. 1 Royal Gold’s Stream Interest RGLD Gold AG owns the right to purchase 10.5% of payable gold produced from the Wassa mine until the delivery of 240,000 ounces, upon which the stream percentage will decrease to 5.5% for the remaining life of mine. The cash purchase price for gold is 20% of the spot price of gold per ounce delivered until the delivery of 240,000 ounces, and 30% thereafter. Payable gold is calculated as 99.5% of contained gold in doré or 99% in any other form. 1 Source: Chifeng, February 28, 2025, Technical Report, Life of Mine Ore Reserve Plan 2 Advance payment includes Bogoso and Prestea 3 Investment recovered includes Bogoso and Prestea Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 101

DEVELOPMENTS AND POTENTIAL Chifeng is advancing work at Wassa with the objective of upgrading inferred resources for inclusion in a mine plan that will extend the life of Wassa beyond current reserves. A preliminary life of mine plan that includes inferred mineral resources and outlines two designs/studies for future expansion has been developed for the Wassa mine. The first design, with a Preliminary Economic Assessment for Wassa’s Southern Extension (published by Golden Star Resources in 2021) estimates an additional 17-year life of mine. The second design, estimates a 26-year mine life extending to 2049 with an annual mining capacity of approximately three million tonnes of ore. 1 FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $311.6 2023: 2024: Historic Revenue to Royal Gold US$M $32.8 $48.5 Metal Deliveries to Royal Gold Since Inception 148.1 koz Au Advance Payment US$M $145 2 Investment Recovered % 170% 3 Net Book Value US$M $29.2 MINERAL RESOURCES AND RESERVES As of September 30, 2024 CONTAINED Gold (koz) AGEOs * (koz) Proven and Probable 603 50 Measured and Indicated 1,047 40 Inferred 6,609 254 * 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 102 For more information, please visit: www.cfgold.com

BOTSWANA Khoemacau Khoemacau is a copper-silver mine located in the Kalahari copper belt in northwestern Botswana in the Kalahari Desert and is operated by a subsidiary of MMG Limited (“MMG”). MMG completed the acquisition of Khoemacau Copper Mining (Pty.) Limited (“KCM”), effective March 22, 2024. STREAM OPERATOR MMG Limited MINERALIZATION STYLE Sediment-Hosted Cu-Ag MINE TYPE Underground METAL(S) Copper, Silver PRODUCT Concentrate CURRENT STREAM 100% of Payable Silver CURRENT ONGOING PAYMENT 20% of spot for Silver YEAR OF ACQUISITION 2019 TERM OF STREAM Life of Mine MINE LIFE +2040 1 Operational Overview The Khoemacau operation consists of mechanized underground mines producing from the Zone 5 orebody and a sulfide ore flotation plant producing a copper-silver concentrate product at Boseto. The project completed construction in the second half of 2021 and ramp-up of mining and processing operations to the 10,000 tonnes per day (tpd) target production rate was achieved in December of 2022. The Zone 5 operation is designed for a total production rate of 3.65 million tonnes per annum (Mtpa) through three decline systems, with a single decline system production rate of 1 to 2 Mtpa, all using the long-hole open-stoping mining method. The upper levels of the mine incorporate stabilizing pillars between long-hole stopes and paste backfill will be used as depth increases to improve overall mineral resource recovery. 2025 OPERATOR GUIDANCE 1.3 to 1.5 million ounces of silver. 2 LONGER-TERM OPERATOR OUTLOOK 1.8 to 2.0 million ounces per year of payable silver over a >20-year mine life from Zone 5. This does not reflect the potential expansion project. 1 1 Source: MMG, November 21, 2023, Acquisition Announcement: MMG disclosed an initial mine life of 27 years. 2 Source: Production estimate received from MMG. 3 Source: MMG, January 23, 2025, Press Release Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 103

DEVELOPMENTS AND POTENTIAL Utilizing the existing 3.65 Mtpa Boseto process plant, MMG is committed to accessing the higher-grade areas of the mine and working towards a higher production rate of 60,000 tonnes of copper in concentrate annually by 2026-2027. This will be facilitated by ongoing development efforts to increase mining fronts, operational flexibility and access to higher-grade areas. These efforts will be further enhanced by constructing a paste fill plant to increase extraction rates and completion of the installation of primary vent fans. MMG plans to expand total production capacity at Khoemacau to 130,000 tonnes of copper in concentrate per year by building a new 4.5 Mtpa process plant, increasing Zone 5 output, and developing additional deposits. Following an approval on December 3, 2024, a Feasibility Study for the expansion is underway. Construction is anticipated to begin in 2026, with first concentrate production in 2028, subject to a comprehensive assessment on the timeline in the Feasibility Study. 3 Royal Gold’s exposure to the expansion includes any expanded production from the Zone 5 and Mango NE deposits, which are both located within the area of interest covered by Royal Gold’s silver stream. Royal Gold’s Stream Interest Royal Gold, through its wholly-owned subsidiary RGLD Gold AG, holds a life of mine purchase and sale agreement for 100% of the silver produced from Zone 5 at Khoemacau. RGLD Gold AG provided stream financing to KCM, the original owner and project developer, during the construction of Khoemacau, and on January 6, 2021, RGLD Gold AG completed a total advance payment of $212 million in return for a base stream of 80% of payable silver. Subsequently, KCM elected to access an option for up to an additional $53 million in advance payments from RGLD Gold AG for up to the remaining 20% of the silver produced, and as of March 14, 2022, KCM had fully drawn this additional advance payment, increasing RGLD Gold AG’s interest to 100% of payable silver. The stream rate will drop by to 50% of the payable silver upon the delivery to RGLD Gold AG of 40 million ounces of payable silver. RGLD Gold AG will pay 20% of the spot price of silver for each ounce delivered. Depending on the achievement by KCM of mill expansion throughput levels above 13,000 tpd, which is 30% above the current mill design capacity, RGLD Gold AG will pay higher ongoing cash payments for ounces delivered in excess of specific annual thresholds. Metal deliveries to RGLD Gold AG typically occur up to a month after production at Khoemacau due to the time required to ship concentrate from the mine site to the smelter and the payment provisions of the offtake contract. FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $92.1 2023: 2024: Historic Revenue to Royal Gold US$M $34.6 $33.6 Metal Deliveries to Royal Gold Since Inception 3,894.6 koz Ag Advance Payment US$M $265.0 Investment Recovered % 28% Net Book Value US$M $207.9 MINERAL RESOURCES AND RESERVES ** As of June 30, 2024 CONTAINED Silver (koz) Copper (Mlb) AGEOs * (koz) Proven and Probable 23,425 1,571 220 Measured and Indicated 8,854 653 83 Inferred 46,619 2,875 439 * 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. ** Reflects Zone 5 and Mango deposits only. ROYAL GOLD 2024 Asset Handbook 104 For more information, please visit: www.mmg.com

ARGENTINA Don Nicolas Don Nicolas is an open-pit gold mine owned and operated by Minera Don Nicolas S.A., a wholly-owned subsidiary of Cerrado Gold, Inc. (“Cerrado”) and is located in the mineral-rich Deseado Massif in the Province of Santa Cruz, Argentina. Don Nicolas comprises a series of tenements within a greater block of exploration leases totaling some 2,730 square kilometers in area, with mining activities having been carried out on the Martinetas, La Paloma, and Calandrias Norte areas. ROYALTY OPERATOR Cerrado Gold, Inc. MINERALIZATION STYLE Low-Sulfidation Epithermal Au MINE TYPE Open-pit METAL(S) Gold, Silver PRODUCT Doré ROYALTY 2.0% NSR (all metals) YEAR OF ACQUISITION 2000 TERM OF ROYALTY Life of Mine MINE LIFE 2029 1 Operational Overview Operations at Don Nicolas commenced in 2018 and use a hub-and-spoke model feeding a central mill. Higher-grade ore is processed with a conventional crushing and grinding circuit followed by a carbon-in-leach (CIL) circuit for gold recovery. The rated capacity of the plant is 1,000 tonnes per day, and gold recovery averages over 90%. In mid-2023, Cerrado began placing lower-grade ore on the new Calandrias heap leach pad. 2025 OPERATOR GUIDANCE 50,000 to 55,000 gold equivalent ounces. 2 LONGER-TERM OPERATOR OUTLOOK In August 2024, Cerrado reported the results of a Preliminary Economic Assessment (PEA) for Don Nicolas which estimates average annual production of approximately 56,000 gold equivalent ounces. 1 Royal Gold’s Royalty Interest Royal Gold holds a 2.0% net smelter return (NSR) royalty on all metals produced from areas subject to our royalty interest at Don Nicolas, which was acquired in 2000. 1 Source: Cerrado Gold, September 19, 2024, Technical Report (PEA) and February 2025 Corporate Presentation 2 Source: Cerrado Gold, January 15, 2025, Press Release 3 Source: Cerrado Gold, August 6, 2024, Press Release Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 105

DEVELOPMENTS AND POTENTIAL Cerrado has identified several upside opportunities beyond the PEA, including underground expansion in the Paloma region, the Goleta high grade under cover target, the Calandria North deposit, and the Paula Andrea target. 3 FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $7.1 2023: 2024: Historic Revenue to Royal Gold US$M $0.4 $2.6 Acquisition Cost US$M $0.0 Investment Recovered % N/M Net Book Value US$M $0.0 MINERAL RESOURCES AND RESERVES As of April 1, 2024 CONTAINED Gold (koz) Silver (koz) AGEOs * (koz) Proven and Probable – – – Measured and Indicated 49 204 1 Inferred 31 125 1 * 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 106 For more information, please visit: www.cerradogold.com

AUSTRALIA Bellevue Bellevue is an underground gold project owned by Golden Spur Resources Pty Ltd., a wholly- owned subsidiary of Bellevue Gold Limited (“Bellevue Gold”). Bellevue is located in Northeastern Goldfields, Western Australia, approximately 430 kilometers north of Kalgoorlie and 160 kilometers north of Leonora. ROYALTY OPERATOR Bellevue Gold Limited MINERALIZATION STYLE Orogenic Au MINE TYPE Underground METAL(S) Gold PRODUCT Doré ROYALTY 2.0% NSR (all metals), 2.0% NSR (gold), 1.5% NSR (all other metals) YEAR OF ACQUISITION 2008 TERM OF ROYALTY Life of Mine MINE LIFE 2033 1 Operational Overview The Bellevue mine achieved production on time and on budget with its first gold pour on October 25, 2023. Underground mining at Bellevue utilizes long-hole open-stoping. The Bellevue processing facility is a nameplate 1.0 million tonnes per annum (Mtpa) conventional carbon-in-leach (CIL) and gravity plant. Ore will be predominantly derived from underground extraction with five separate work areas in the underground reflecting the new lode discoveries: Tribune, Deacon, Viago, Marceline and Armand. 2025 OPERATOR GUIDANCE Fiscal year 2025 (June 30th ending) guidance is 129,000 to 134,000 ounces. 2 LONGER-TERM OPERATOR OUTLOOK Fiscal year 2026 production outlook is anticipated to be ~150,000 ounces. The de-risked production outlook from fiscal year 2027 to 2029 is targeting ~190,000 ounces per year and underpinned by >90% indicated resources. 2 Royal Gold’s Royalty Interest Royal Gold holds a 2.0% net smelter return (NSR) royalty on all metals produced from the mining leases M36/25 and M36/299 and the exploration license E36/535, and a 2.0% NSR on gold and 1.5% NSR on all other metals produced from the mining lease M36/24. Royal Gold acquired these royalty interests effective October 1, 2008, as part of the acquisition of a royalty portfolio from Barrick Gold Corporation. 1 Source: Bellevue Gold, June 10, 2022, Press Release 2 Source: Bellevue Gold, April 14, 2025, Press Release Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 107

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

AUSTRALIA Gwalia Gwalia is an underground and open-pit mine, owned and operated by Genesis Minerals Limited (“Genesis”). Gwalia is located in the Leonora Region of Western Australia, approximately 240 kilometers north of Kalgoorlie, and is a part of Genesis’ Lenora Gold Project (“LGP”). ROYALTY OPERATOR Genesis 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 2039 1 Operational Overview Gwalia is Australia’s deepest underground gold mine and the deepest ramp access mine in the world. The mining method is long-hole open-stoping with paste backfill. The processing plant is a conventional carbon-in-pulp circuit and has a nominal capacity of 1.2 million tonnes per annum (Mtpa) of hard rock and up to 1.8 Mtpa, when softer material is blended. Other surface infrastructure includes a gas-fired power station, a paste-fill plant, and a refrigeration plant to cool the underground environment. We are currently receiving revenue from residual heap leach operations. 2025 OPERATOR GUIDANCE Current production is approximately 120,000 to 130,000 ounces per annum. 2 LONGER-TERM OPERATOR OUTLOOK Gwalia is the cornerstone of the LGP and is expected to contribute ~70% of LGP’s five-year production outlook, which is 120,000 to 140,000 ounces per annum . 3 Royal Gold’s Royalty Interest Royal Gold owns a 1.5% NSR royalty on all metals produced from the Gwalia mine. On February 22, 2010, Royal Gold announced it closed its acquisition of International Royalty Corporation, which included the 1.5% NSR royalty on Gwalia. 1 Source: Genesis, September 16, 2024 Conference Transcript 2 Source: Genesis, February 2025 Corporate Presentation 3 Source: Genesis, March 21, 2024, Five-year Strategic Plan 4 Source: Genesis, November 11, 2024, Press Release Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 109

DEVELOPMENTS AND POTENTIAL Drilling has continued to infill the “Heart of Gold” at the Gwalia underground mine. Multiple high-grade intercepts were received, within and below the planned stoping envelope through FY2030, and laterally. Drill results continue to confirm the high-grade nature of the deposit and add further support to Gwalia’s reserves, well beyond the FY2030 stoping envelope. 4 FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $62.7 2023: 2024: Historic Revenue to Royal Gold US$M $3.7 $4.0 Acquisition Cost US$M $34.5 Investment Recovered % 182% Net Book Value US$M $8.3 MINERAL RESOURCES AND RESERVES As of December 31, 2024 CONTAINED Gold (koz) AGEOs * (koz) Proven and Probable 2,156 32 Measured and Indicated 3,664 55 Inferred 1,060 16 * 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 110 For more information, please visit: www.genesisminerals.com.au

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

DEVELOPMENTS AND POTENTIAL In December 2024, Vault announced Board approval for the expansion of the KOTH processing facility by 20% to 6.0 mtpa. The expansion is expected to commence in April 2025 and be completed within 15 months, with commissioning scheduled for Q4 FY 2026. 4 Near-term exploration drilling is focused on the West and Regal Zone at KOTH as high priority targets for life-of-mine extension immediately beyond known mineralization and current development. Vault is working to develop a dedicated exploration platform to remove drill limitations. Additionally, satellite deposits have an opportunity to contribute over the life of mine, including Rainbow, Cerebus-Eclipse and Centauri, which currently have ore reserves. 4 FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $18.2 2023: 2024: Historic Revenue to Royal Gold US$M $4.2 $5.3 Acquisition Cost US$M $0.0 5 Investment Recovered % N/M Net Book Value US$M $0.0 MINERAL RESOURCES AND RESERVES As of June 30, 2024 CONTAINED Gold (koz) AGEOs * (koz) Proven and Probable 2,092 31 Measured and Indicated 1,522 23 Inferred 476 7 * 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 112 For more information, please visit: www.vaultminerals.com

AUSTRALIA Meekatharra Meekatharra, covering the Paddy’s Flat, Yaloginda, Nannine and Reedy’s open-pit and underground mining centers, is owned and operated by Big Bell Gold Operations Pty Ltd., a subsidiary of Westgold Resources Limited (“Westgold”). Meekatharra is located in the Murchison District of Western Australia, approximately 15 kilometers south of the town of Meekatharra. ROYALTY OPERATOR Westgold Resources Limited MINERALIZATION STYLE Orogenic Au MINE TYPE Open-pit & Underground METAL(S) Gold PRODUCT Doré ROYALTY 1.5% NSR (all metals), A$10 per ounce (gold only), 1.5% to 2.5% NSR (gold only), 0.45% NSR (all metals), A$1.00/ tonne (all metals) YEAR OF ACQUISITION 2008 and 2010 TERM OF ROYALTY Life of Mine MINE LIFE N/A Operational Overview The Meekatharra Gold Operation (MGO) incorporates the 1.6 to 1.8 million tonne per annum Bluebird processing hub, a 420- person village, and associated mining infrastructure required to support a large fly-in, fly-out and drive-in, drive-out mining operation. The Bluebird plant receives underground ore from the Paddy’s Flat, South Emu-Triton and Bluebird underground mines and supplementary lower grade open-pit ore from Five Mile Well, Maid Marion, Albury Heath (not on royalty ground) and Aladdin open-pits. 2025 OPERATOR GUIDANCE Detail not publicly disclosed by operator. LONGER-TERM OPERATOR OUTLOOK Detail not publicly disclosed by operator. Royal Gold’s Royalty Interest Royal Gold acquired its interests at Meekatharra in two transactions. The first was as part of the acquisition of Barrick Gold Corporation’s royalty portfolio, effective October 1, 2008, which included a A$10 per ounce royalty on Paddy’s Flat, a 1.5% to 2.5% sliding scale NSR, a 1% NSR on Reedy’s, and a A$1.00/ tonne royalty on Meekatharra Sabbath once 10,000 ounces of gold have been produced. The second was as part of the acquisition of International Royalty Corporation, effective February 22, 2010, which included the 1.5% NSR on Nannine, Paddy’s Flat and Reedy’s, as well as the 0.45% NSR on Yaloginda. 1 Source: Westgold Corporate Presentation Jan. 23, 2025 Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 113

DEVELOPMENTS AND POTENTIAL In-mine exploration at MGO has focused on the extension of the Paddy’s Flat, Bluebird and Reedy’s ore systems. 2024 saw new drilling campaigns at Bluebird - South Junction, ongoing exploration at Triton-South Emu, and exploration at the Champion target. 1 FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $23.0 2023: 2024: Historic Revenue to Royal Gold US$M $2.2 $0.4 Acquisition Cost US$M $5.7 Investment Recovered % 407% Net Book Value US$M $0.0 MINERAL RESOURCES AND RESERVES As of December 3, 2024 CONTAINED Gold (koz) AGEOs * (koz) Proven and Probable 714 6 Measured and Indicated 1,331 20 Inferred 1,766 30 * 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 114 For more information, please visit: www.westgold.com.au

AUSTRALIA Southern Cross The Southern Cross operation comprises a number of underground and open-pit gold mines, owned by Barto Gold Mining Pty Ltd, a subsidiary of Shandong Tianye Group Bid Co Pty Ltd, and managed by Minjar Gold Pty Ltd., a subsidiary of Jinan High-tech Development Co. Ltd. The Southern Cross operation extends from Bullfinch (in the north) to Marvel Loch (in the south) in Western Australia, approximately 13 kilometers south of the town of Southern Cross and 360 kilometers east of Perth. ROYALTY OPERATOR Shandong Tianye Group 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 N/A Operational Overview Mined ore is transported on private haulage roads to a processing plant with capacity of one million tonnes per year. Camp facilities provide accommodation for employees at site, with a portion of employees also living in the nearby town of Southern Cross. The operation is connected to grid power and has good access to rail, highways and airports. 2025 OPERATOR GUIDANCE Detail not publicly disclosed by operator. LONGER-TERM OPERATOR OUTLOOK Detail not publicly disclosed by operator. Royal Gold’s Royalty Interest Royal Gold holds a 1.5% net smelter return (NSR) royalty on all metals from the Southern Cross operation. Royal Gold acquired this royalty as part of its acquisition of International Royalty Corporation, which was completed on February 22, 2010. Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 115

FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $23.4 2023: 2024: Historic Revenue to Royal Gold US$M $1.6 $2.4 Acquisition Cost US$M $10.5 Investment Recovered % 222% Net Book Value US$M $0.6 MINERAL RESOURCES AND RESERVES As of July 24, 2016 CONTAINED Gold (koz) AGEOs * (koz) Proven and Probable Current Mineral Resources and Reserves are Unavailable Measured and Indicated Inferred * 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 116

AUSTRALIA South Laverton South Laverton is a series of open-pit and underground projects, owned and operated by Northern Star Resources Ltd. (“Northern Star”), located in Western Australia, approximately 120 kilometers northeast of Kalgoorlie. Northern Star refers to the active mining region of our South Laverton royalty as the Carosue Dam Operations (“CDO”). ROYALTY OPERATOR Northern Star Resources Limited MINERALIZATION STYLE Orogenic Au MINE TYPE Open-pit & Underground METAL(S) Gold PRODUCT Doré ROYALTY 1.5% NSR (all metals), 4.0% NPI (gold only), A$6.00 per ounce (gold only), A$10.00 per ounce (gold only) YEAR OF ACQUISITION 2008 and 2010 TERM OF ROYALTY Life of Mine MINE LIFE N/A Operational Overview The CDO processing plant was constructed in 2000 and commissioned in November of that year. The CDO operated continuously through to June 2005 when it was put on care and maintenance due to depressed gold prices and limited gold resources. In February 2006, Saracen Minerals, now Northern Star, acquired the CDO processing plant, and, in late 2009, a refurbishment was completed to reinstate the mill facility to its full nameplate capacity of 2.4 million tonnes per year. Gold is recovered by gravity concentration and carbon-in-leach (CIL) cyanidation. Currently ore is sourced from the Whirling Dervish and Karari underground mines adjacent to the process plant, and from the Million Dollar and Porphyry open-pits 40 kilometers to the north. 2025 OPERATOR GUIDANCE Detail not publicly disclosed by operator. LONGER-TERM OPERATOR OUTLOOK Detail not publicly disclosed by operator. Royal Gold’s Royalty Interest Royal Gold holds a 1.5% net smelter return (NSR) royalty on all metals produced from South Laverton and a 4.0% net profits interest (NPI) royalty on gold produced from certain South Laverton tenements (Kurnalpi); royalty payments pertaining to the NPI, if payable, are made annually within 60 days of the end of the fiscal year (ending June 30), whereas the NSR royalty payments are made quarterly. Royal Gold also holds an A$6.00 per ounce royalty once 265,745 ounces of gold have been produced and an A$10.00 per ounce royalty once 160,333 ounces of gold have been produced from certain South Laverton tenements. The A$6.00 per ounce and the A$10.00 per ounce royalties are payable on gold only, and as of December 31, 2022, the thresholds have not been met for either A$ per ounce royalty. Royal Gold acquired its royalty interests in two transactions: 1. Effective October 1, 2008, Royal Gold closed its acquisition of Barrick Gold Corporation’s royalty portfolio, which included the A$6.00 per ounce and the A$10.00 per ounce royalties. 2. On February 22, 2010, Royal Gold closed the acquisition of International Royalty Corporation, which included the 1.5% (NSR) royalty on South Laverton and the 4.0% (NPI) royalty. Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 117

FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $72.2 2023: 2024: Historic Revenue to Royal Gold US$M $7.3 $9.0 Acquisition Cost US$M $12.7 Investment Recovered % 566% Net Book Value US$M $0.3 MINERAL RESOURCES AND RESERVES As of March 31, 2024 CONTAINED Gold (koz) AGEOs * (koz) Proven and Probable 1,054 16 Measured and Indicated 1,850 28 Inferred 854 13 * 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 118 For more information, please visit: www.nsrltd.com

AUSTRALIA Ulysses Ulysses is an underground and open-pit mine, owned by Ulysses Mining Pty Ltd, a subsidiary of Genesis Minerals Limited (“Genesis”). Ulysses is located in the Leonora Region of Western Australia, approximately 200 kilometers north of Kalgoorlie, and is a part of Genesis’ Leonora Operations. ROYALTY OPERATOR Genesis Minerals Limited MINERALIZATION STYLE Orogenic Au MINE TYPE Underground METAL(S) Gold PRODUCT Doré ROYALTY 0.9% NSR (all metals) YEAR OF ACQUISITION 2010 TERM OF ROYALTY Life of Mine MINE LIFE N/A Operational Overview Following significant preparatory work in fiscal year 2023, including intensive grade control drilling, Ulysses decline development is now underway, and ore production is expected to commence ramp-up in fiscal year 2025. Ore will be trucked 35 kilometers to the Leonora Mill for processing in combination with ore from the Gwalia underground mine. Stoping at the Ulysses underground commenced late in the December 2024 quarter. 1 2025 OPERATOR GUIDANCE Detail not publicly disclosed by operator. LONGER-TERM OPERATOR OUTLOOK Once fully ramped up, Ulysses is expected to produce 60,000 to 70,000 ounces of gold per year. 2 Royal Gold’s Royalty Interest Royal Gold holds a 0.9% NSR royalty on all metals produced from Ulysses. Royal Gold’s royalty interest at Ulysses only covers the deposits situated within mining lease M40/166. Royal Gold acquired its interest on February 22, 2010, with the acquisition of International Royalty Corporation, which included the 0.9% NSR royalty on Ulysses. 1 Source: Genesis, January 16, 2025, Press Release 2 Source: Genesis, November 2024 Corporate Presentation Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 119

DEVELOPMENTS AND POTENTIAL Following first stoping in late 2024, underground mining is expected to ramp-up, with increased rates of development advance to unlock further stoping areas. 1 FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $0.1 2023: 2024: Historic Revenue to Royal Gold US$M $0.0 $0.1 Acquisition Cost US$M $0.0 Investment Recovered % N/A Net Book Value US$M $0.0 MINERAL RESOURCES AND RESERVES As of December 31, 2024 CONTAINED Gold (koz) AGEOs * (koz) Proven and Probable 346 3 Measured and Indicated 532 5 Inferred 280 3 * 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 120 For more information, please visit: www.genesisminerals.com.au

AUSTRALIA Wonder Wonder is an underground mine owned and operated by Northern Star Resources Limited (“Northern Star”) and is located in the Northeastern Goldfields of Western Australia, approximately 60 kilometers north of Leonora. Wonder is part of the larger Thunderbox Operations (“TBO”), approximately 25 kilometers south of the Thunderbox plant. TBO is located within Northern Star’s Yandal Production Center. ROYALTY OPERATOR Northern Star Resources Limited MINERALIZATION STYLE Orogenic Au MINE TYPE Underground METAL(S) Gold PRODUCT Doré ROYALTY 1.5% NSR (all metals) YEAR OF ACQUISITION 2010 TERM OF ROYALTY Life of Mine MINE LIFE N/A Operational Overview The Wonder underground mine is a supplementary source of high-grade underground ore feed for the Thunderbox Operations. A maiden underground reserve was declared in May 2023, mining began in November 2023 and production stoping started in the third calendar quarter of 2024. The ore body is accessed by conventional jumbo lateral development with ore production coming from long-hole, open-stoping methods. 2025 OPERATOR GUIDANCE Detail not publicly disclosed by operator. LONGER-TERM OPERATOR OUTLOOK Detail not publicly disclosed by operator. Royal Gold’s Royalty Interest Royal Gold holds a 1.5% net smelter return (NSR) royalty on all metals produced from Wonder. Royal Gold acquired this royalty as part of its acquisition of International Royalty Corporation, which was completed on February 22, 2010. Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 121

FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $0.7 2023: 2024: Historic Revenue to Royal Gold US$M $0.0 $0.7 Acquisition Cost US$M $1.0 Investment Recovered % 74% Net Book Value US$M $0.3 MINERAL RESOURCES AND RESERVES As of March 31, 2022 CONTAINED Gold (koz) AGEOs * (koz) Proven and Probable – – Measured and Indicated 252 4 Inferred 410 6 * 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 122 For more information, please visit: www.nsrltd.com

Development Properties CANADA Back River 125 Bateman Gold 127 Kutcho Creek 128 Marban 129 Ming 131 Pine Cove 132 UNITED STATES Cactus 133 Hasbrouck Mountain 135 Relief Canyon 136 NICARAGUA La India 137 BRAZIL Castelo de Sonhos 138 BOLIVIA Don Mario 139 CHILE NuevaUnión 140 SPAIN Las Cruces 141 NORTH MACEDONIA Ilovica 143 GHANA Bogoso and Prestea 144 AUSTRALIA Kundip 146 Red Dam 147 Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 123

“Organic growth can come from within the portfolio as operators advance early-stage properties through the various stages of project development to production. Royal Gold is fortunate to have exposure to several pre-production properties with the potential to provide revenue growth in the future.” William H. Heissenbuttel President and Chief Executive Officer ROYAL GOLD 2024 Asset Handbook 124

CANADA Back River The Back River Gold Project is located in southwestern Nunavut, Canada, approximately 520 kilometers northeast of Yellowknife, Northwest Territories and 75 kilometers southwest of Bathurst Inlet. Back River is owned by B2Gold Corp. (“B2Gold”); B2Gold acquired Sabina Gold & Silver Corp., which previously held the asset, on April 19, 2023. The currently known gold deposits at Back River include Umwelt, Llama and Goose (all on the Goose property), and the George deposit approximately 50 kilometers to the north of the Goose property. ROYALTY OPERATOR B2Gold Corp. MINERALIZATION STYLE Orogenic Au ROYALTY 3.3% approx. blended GSR on Goose and 3.2-4.0% GSR on George (all metals) YEAR OF ACQUISITION 2008 and 2024 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Q2 2025 EXPECTED MINE LIFE 9 years 1 Development Update The Goose Project is a combined open-pit and underground operation. All planned construction activities in 2024 were completed and project construction and development continue to progress on track for first gold pour in Q2 2025 followed by ramp-up to commercial production in Q3 2025. The Goose Project is expected to produce between 120,000 to 150,000 ounces of gold in 2025. 2 Royal Gold’s Royalty Interest Royal Gold holds multiple royalties that cover all reserves, resources and potential extensions thereof on the Back River Gold district. Royalty revenue from the Goose Project is expected based on the following royalty rates and cumulative production thresholds: • 0.7% NSR royalty rate until the receipt of C$5 million of royalty revenue, declining to 0.35% thereafter, on all gold produced from startup through to the cumulative production of 400,000 ounces; • 2.5% GSR royalty rate on all gold produced after the cumulative production of 400,000 ounces up to a cumulative total of approximately 780,000 ounces; and, • 3.3% GSR royalty rate on all production above cumulative production of approximately 780,000 ounces. Based on the current mine plan, the two thresholds are expected to be reached in 2026 and 2028, respectively, although royalty rates and production thresholds are approximate due to assumptions related to the gold price and the timing and applicability of certain deductions and adjustments. Royalty revenue from the George portion of the Back River Gold District is expected based on an approximate 3.2% to 4.0% GSR royalty rate, which is payable after cumulative production of 800,000 ounces. Royal Gold acquired these royalty interests in two acquisitions: the first was in 2008, as part of the acquisition of a royalty portfolio from Barrick Gold Corporation, and the second was in 2024 with the acquisition of two other royalty interests from third party sellers. Acquisition Cost US$M $52.0 Net Book Value US$M $52.2 MINERAL RESOURCES AND RESERVES As of December 31, 2024 CONTAINED Gold (koz) AGEOs * (koz) Proven and Probable 2,480 63 Measured and Indicated 1,499 32 Inferred 3,550 69 * 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. 1 Source: B2Gold, March 2025 Technical Report 2 Source: B2Gold, January 13, 2025, Press Release Introduction Performance Expected Attributes of Our Business Portfolio Overview and Outlook Portfolio Details Reference Materials 125

PROJECT OUTLOOK When in steady state, gold production from the Goose Project is expected to be approximately 310,000 ounces per year from 2027 to 2031 inclusive (and average 270,000 ounces per year over its nine-year LOM). 1 B2Gold budgeted $32 million for exploration at the Back River Gold District in 2025, which includes targeting extensions of the Llama and Umwelt deposits at the Goose Project, and regional exploration at targets including the George, Boulder and Boot Projects. 2 Refer to “Royal Gold's Royalty Interest” section for royalty rate details ROYAL GOLD 2024 Asset Handbook 126 For more information, please visit: www.b2gold.com

CANADA Bateman Gold The Bateman Gold Project is an underground development project owned and operated by Evolution Mining Limited (“Evolution”). The Bateman Gold Project is located in the southwestern part of Bateman Township within the Red Lake mining district of northwestern Ontario, Canada, approximately 150 kilometers northwest of Dryden, Ontario. ROYALTY OPERATOR Evolution Mining Limited MINERALIZATION STYLE Orogenic Au ROYALTY 1.0% NSR (all metals) YEAR OF ACQUISITION 2016 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE 7 years 1 Development Update The Bateman Gold Project consists of the high-grade F2 Gold Deposit. Completed infrastructure includes a commissioned shaft and significant underground development, a 1,250 tonne per day mill facility, a tailings management facility, electric power supply and substation and a 200-person camp. On May 20, 2021, Evolution completed the acquisition of Battle North Gold Corporation, which owned the Bateman Gold Project, expanding its existing footprint in the Red Lake region. 2 Royal Gold’s Royalty Interest Royal Gold holds a 1.0% net smelter return (NSR) royalty on all metals produced from the Bateman Gold Project. Royal Gold acquired this royalty interest on December 20, 2016. Acquisition Cost US$M $0.9 Net Book Value US$M $0.0 MINERAL RESOURCES AND RESERVES As of December 31, 2023 CONTAINED Gold (koz) AGEOs * (koz) Proven and Probable 62 1 Measured and Indicated 254 3 Inferred 176 2 * 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. PROJECT OUTLOOK As per its 2020 Feasibility Study, the Bateman Gold Project is expected to average annual production of 79,300 ounces of gold per year. 1 Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 127 1 Source: Battle North Corporation, 2020 Feasibility Study (excludes 1.2 years of pre- commercial production) 2 Source: Evolution, May 20, 2021, Press Release For more information, please visit: www.evolutionmining.com

CANADA Kutcho Creek Kutcho Creek is a copper project, owned by Kutcho Copper Corp. (“Kutcho Copper”). Kutcho Creek is located in northern British Columbia, approximately 8 kilometers east of Kutcho Creek and 100 kilometers east of Dease Lake. ROYALTY OPERATOR Kutcho Copper Corp. MINERALIZATION STYLE VMS ROYALTY 2.0% NSR (all metals) YEAR OF ACQUISITION 2008 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE 11 years 1 Development Update In November of 2021, Kutcho Copper announced the results of a Feasibility Study (FS) for the Kutcho Copper Project. Open-pit mining will be by conventional truck and loader methods and underground mining will be carried out using longitudinal, long- hole open stoping methods. Ore will be processed at a rate of 4,500 tonnes per day. In 2025, Kutcho intends to advance near- resource and greenfields exploration targets, evaluate opportunities identified in the FS through detailed engineering, and continue to de-risk and advance the Project towards a production decision. 1 Royal Gold’s Royalty Interest Royal Gold holds a 2.0% net smelter return (NSR) royalty on all metals produced from areas subject to our royalty interest at Kutcho Creek. Royal Gold acquired this royalty interest effective October 1, 2008, as part of the acquisition of a royalty portfolio from Barrick Gold Corporation. MINERAL RESOURCES AND RESERVES As of July 30, 2021 CONTAINED Gold (koz) Silver (koz) Copper (Mlb) Zinc (Mlb) AGEOs * (koz) Proven and Probable 92 6,825 230 373 14 Measured and Indicated 28 2,135 64 95 4 Inferred 28 2,210 58 74 4 * 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. PROJECT OUTLOOK As per its 2021 FS, the Kutcho Copper Project is expected to produce 533 million pounds of copper, 841 million pounds of zinc, 10.6 million ounces of silver, and 129,700 ounces of gold over its mine life. 2 Acquisition Cost US$M $3.0 Net Book Value US$M $3.0 1 Source: January 14, 2025 Press Release 2 Source: Kutcho Copper, 2021 Feasibility Study ROYAL GOLD 2024 Asset Handbook 128 For more information, please visit: www.kutcho.ca

CANADA Marban Marban is an open-pit development project owned and operated by Agnico Eagle Mines Limited (“Agnico”). Agnico acquired Marban through the acquisition of O3 Mining Inc. (“O3”) on March 18, 2025. The Marban property is located in the western portion of the province of Quebec, Canada, approximately 15 kilometers northwest of Val-d’Or, and immediately northeast of Agnico’s Canadian Malartic property. The property lies at the junction of Dubuisson, Fournière, Malartic and Vassan townships. ROYALTY OPERATOR Agnico Eagle Mines Limited MINERALIZATION STYLE Orogenic Au ROYALTY 0.5-0.75% (Marban Alliance claims), 1.0-1.5% (Horizon claims) Sliding-Scale NSR (gold only) YEAR OF ACQUISITION 2008 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE 10 years 1 The Marban property is divided into two projects: Marban Alliance, the southeast portion of the property; and Horizon, which is broader and includes all the north and west parts of the Marban property. Royal Gold’s royalty covers only a portion of the Marban Alliance and Horizon properties but includes the Marban open-pit target, which is the subject of the current technical studies. Development Update Marban Alliance has been the subject of multiple technical studies during its development, including a Preliminary Economic Assessment in 2020 and a Pre-Feasibility Study in 2022. Prior to the acquisition by Agnico, O3 was developing Marban as a stand-alone operation, and expected to commence a Feasibility Study in early 2025. 2 PROJECT OUTLOOK As a stand-alone project, O3 expected Marban to average annual production of 161,000 ounces per year over its mine life. 1 Agnico now considers the Marban deposit as a potential satellite open pit to feed the Canadian Malartic mill in the medium-term as part of a “fill-the-mill” strategy. 4 Acquisition Cost US$M $0.0 3 Net Book Value US$M $0.0 Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 129 1 Source: O3, September 2022 Pre-Feasibility Study 2 Source: O3, October 30, 2024, Press Release 3 Acquired as part of a portfolio of royalties. An acquisition cost of nil was assigned to the Marban royalty. 4 Source: Agnico, February 12, 2025, Press Release

Royal Gold’s Royalty Interest Royal Gold holds a 0.5% to 0.75% sliding-scale net smelter return (NSR) royalty on gold produced from certain claims included in the Marban Alliance property, and a 1.0% to 1.5% sliding-scale NSR royalty on gold produced from certain claims in the Horizon property. At a gold price below $350 per ounce, the royalty rate is 0.5% for the Marban Alliance and 1.0% for Horizon, which increases to 0.75% for the Marban Alliance and 1.5% for Horizon at a gold price equal to or above $350 per ounce. Royal Gold acquired this royalty as part of its acquisition of a royalty portfolio from Barrick Gold Corporation on July 31, 2008. MINERAL RESOURCES AND RESERVES As of August 17, 2022 CONTAINED Gold (koz) AGEOs * (koz) Proven and Probable 1,212 9 Measured and Indicated 548 4 Inferred 155 1 * 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. 2024 Asset Handbook ROYAL GOLD 130 For more information, please visit: www.agnicoeagle.com

CANADA Ming The Ming Mine is an underground operation, and part of the larger Green Bay Copper-Gold Project, owned and operated by FireFly Metals Ltd. (“FireFly Metals”). Green Bay is located in Newfoundland and Labrador, Canada, approximately 20 kilometers east of Baie Verte. Royal Gold’s royalty interest only applies to the 188L mining lease. ROYALTY OPERATOR FireFly Metals Ltd MINERALIZATION STYLE VMS ROYALTY 1.0% NSR (all metals) YEAR OF ACQUISITION 2008 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE Detail not publicly disclosed by operator. Development Update FireFly Metals has a strategy to expand the current resource at the Ming Underground mine through investment in drilling. The existing underground infrastructure will fast-track work with drill positions immediately accessible. Resource extension will focus on testing the down-plunge continuation of both the high-grade copper-gold VMS zones as well as the broad footwall copper stringer zone. 1 Royal Gold’s Royalty Interest Royal Gold holds a 1.0% net smelter return (NSR) royalty on all metals produced from areas subject to our royalty interest at the Ming mine. Royal Gold acquired this royalty interest effective October 1, 2008, as part of the acquisition of a royalty portfolio from Barrick Gold Corporation. MINERAL RESOURCES AND RESERVES As of March 31, 2022 CONTAINED Gold (koz) Silver (koz) Copper (Mlb) AGEOs * (koz) Proven and Probable – – – – Measured and Indicated 25 191 16 1 Inferred 4 32 2 – * 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. 1 Source: FireFly Metals, January 31, 2025, Press Release PROJECT OUTLOOK In 2025, FireFly will continue to focus on resource growth and in-mine exploration at the Ming Mine. 1 Acquisition Cost US$M $0.5 Net Book Value US$M $0.0 Historical Revenue US$M $1.5 and Outlook Introduction Attributes of Our Business Portfolio Overview Expected Performance Portfolio Details Reference Materials 131 For more information, please visit: www.fireflymetals.com.au

CANADA Pine Cove Pine Cove is an open-pit gold mine, part of the larger Point Rousse Project, owned and operated by Maritime Resources Corp. (“Maritime”). Pine Cove is located within the Baie Verte Mining District, in north-central Newfoundland, in the Province of Newfoundland and Labrador, Canada. The Pine Cove deposit was discovered in June 1987. ROYALTY OPERATOR Maritime Resources Corp. MINERALIZATION STYLE VMS ROYALTY 7.5% NPI (all metals) YEAR OF ACQUISITION 2008 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE Detail not publicly disclosed by operator. Development Update In October 2024, Maritime announced it had initiated a re- commissioning program at the Pine Cove mill. Maritime has identified approximately 85,000 to 115,000 tonnes of stockpiled and tailings material grading approximately 1.1 g/t gold for approximately 3,000 to 4,000 ounces of contained gold which is expected to be processed during the re-commissioning. In December 2024, Maritime commenced crushing of above- mentioned mineralized stockpiles at the Pine Cove mill as part of the recommissioning of the mill. 1 Royal Gold’s Royalty Interest Royal Gold holds a 7.5% net profits interest (NPI) royalty on all metals produced from the Pine Cove mine, calculated as the gross receipts generated from the claims less all cumulative development and operating expenses. The operation is currently in production; however, the payback of capital, a requisite to royalty payments, has not occurred to date. Royal Gold acquired this royalty interest effective October 1, 2008, as part of the acquisition of a royalty portfolio from Barrick Gold Corporation. PROJECT OUTLOOK Detail not publicly disclosed by operator. Acquisition Cost US$M $0.0 2 Net Book Value US$M $0.0 MINERAL RESOURCES AND RESERVES As of September 1, 2021 CONTAINED Gold (koz) AGEOs * (koz) Proven and Probable 11 – Measured and Indicated – – Inferred – – * 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. 1 Source: Maritime, December 11, 2024, Press Release 2 Acquired as part of a portfolio of royalties. An acquisition cost of nil was assigned to the Pine Cove royalty. 132 ROYAL GOLD 2024 Asset Handbook For more information, please visit: www.maritimeresourcescorp.com

UNITED STATES Cactus The Cactus Project is a brownfield copper development project owned by Arizona Sonoran Copper Company Inc. (“ASCU”) near the city of Casa Grande, Arizona. The Cactus Project encompasses an extensive land package of approximately 5,720 acres, which includes the Parks/Salyer deposit and the Cactus East and Cactus West deposits. The Project is located on private land and is close to significant infrastructure including paved roads, railways and grid power. ROYALTY OPERATOR Arizona Sonoran Copper Company Inc. MINERALIZATION STYLE Porphyry Cu ROYALTY 2.5% NSR (all metals) YEAR OF ACQUISITION 2024 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE 2028/2029 1 EXPECTED MINE LIFE 31 years 2 Development Update On August 7, 2024, ASCU announced the results of a Preliminary Economic Assessment (PEA) for the Cactus Project. The project is envisioned to have two open pit mines, Cactus West and Parks/ Salyer, and a sublevel cave underground mine, Cactus East, with ore being processed via heap leach and solvent extraction/ electro-winning. On October 15, 2024, ASCU announced it had initiated a Pre-Feasibility Study for the Cactus project that is expected to be completed in the second half of 2025. As per the 2024 PEA, the Cactus Project is forecasted to generate average annual copper production of 172 million pounds per year over the 31-year mine life, with an average of 232 million pounds per year over the first 20 years of operation. 2 PROJECT OUTLOOK ASCU is currently targeting first cathode production in 2028/2029. Work underway to achieve this timeline includes completion of the Pre-Feasibility Study and amendments to permitting in 2025, completion of a definitive feasibility study and construction decision in 2026, followed by a construction period of 18 to 24 months. Acquisition Cost US$M $55.0 Net Book Value US$M $55.0 Royal Gold’s Royalty Interest Royal Gold holds a 2.5% net smelter return (NSR) royalty that covers 100% of the Cactus East and Cactus West deposits, as well as 50-60% of the Parks/Salyer deposit, ASCU holds an option to buy back 0.5% of the aggregate 2.5% royalty for $7 million, until July 10, 2025. Royal Gold acquired this royalty interest on December 31, 2024, from a private seller. MINERAL RESOURCES AND RESERVES As of July 11, 2024 CONTAINED Copper (Mlb) AGEOs * (koz) Proven and Probable – – Measured and Indicated 4,623 145 Inferred 2,538 80 * 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. 1 Source: ASCU, February 2025 Corporate Presentation 2 Source: ASCU, August 7, 2024 PEA Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 133

ROYAL GOLD 2024 Asset Handbook 134 For more information, please visit: www.arizonasonoran.com

UNITED STATES Hasbrouck Mountain Hasbrouck Mountain is an open-pit development project owned by WK Mining (USA) Ltd., a subsidiary of West Vault Mining Inc. (“West Vault”). Hasbrouck Mountain is located in the northern portion of Esmeralda County, Nevada, approximately eight kilometers south of Tonopah, Nevada. ROYALTY OPERATOR West Vault Mining Inc. MINERALIZATION STYLE Carlin-Type Sediment-Hosted Au ROYALTY 1.5% NSR (all metals) YEAR OF ACQUISITION 2010 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE 8.7 years 1 Development Update On March 8, 2023, West Vault filed a Pre-Feasibility Study (PFS) for the Hasbrouck Project, updating a September 2016 PFS for recent economic conditions. The Hasbrouck Project will utilize two separate heap leach facilities located approximately eight kilometers apart. The Three Hills Mine (not subject to Royal Gold royalty) will be constructed and operated first. The Hasbrouck Mine will be constructed after production commences at the Three Hills Mine, and it will be ready to produce when Three Hills Mine ceases production after two years as a 15,900 tonne per day heap leach operation. 1 PROJECT OUTLOOK As per its 2023 PFS, the Hasbrouck Project is forecasted to generate average annual gold production of 70,000 ounces and silver production of 319,000 ounces over its mine life. 1 Acquisition Cost US$M $0.0 2 Net Book Value US$M $0.0 Royal Gold’s Royalty Interest Royal Gold holds a 1.5% net smelter return (NSR) royalty on all metals produced from Hasbrouck Mountain. Royal Gold acquired this royalty as part of its acquisition of International Royalty Corporation, which was completed on February 22, 2010. MINERAL RESOURCES AND RESERVES As of January 11, 2023 CONTAINED Gold (koz) Silver (koz) AGEOs * (koz) Proven and Probable 578 10,504 11 Measured and Indicated 72 1,652 1 Inferred 56 986 1 * 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. 1 Source: West Vault Mining, 2023 Pre-Feasibility Study 2 Acquired as part of a portfolio of royalties. An acquisition cost of nil was assigned to the Hasbrouck Mountain royalty. Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 135 For more information, please visit: www.westvaultmining.com

UNITED STATES Relief Canyon Relief Canyon encompasses an open-pit mine and heap leach processing facility, owned by Americas Gold and Silver Corporation (“Americas Gold and Silver”). Relief Canyon is located at the southwestern flank of the Humboldt Range in Pershing County, Nevada, approximately 25 kilometers east-northeast of Lovelock and 160 kilometers northeast of Reno. ROYALTY OPERATOR Americas Gold and Silver Corporation MINERALIZATION STYLE Orogenic Au ROYALTY 2.0% NSR (all metals) YEAR OF ACQUISITION 2007 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE Detail not publicly disclosed by operator. Development Update On August 31, 2021, Americas Gold and Silver suspended mining operations at Relief Canyon. Relief Canyon is currently on care and maintenance. 1 Royal Gold’s Royalty Interest Royal Gold holds a 2.0% net smelter return (NSR) royalty on all metals produced from Relief Canyon. Royal Gold’s royalty interest covers approximately 69% of the resource footprint by area. Royal Gold acquired its royalty interest on October 25, 2007, as part of the acquisition of Battle Mountain Gold Exploration Corporation. MINERAL RESOURCES AND RESERVES As of June 30, 2022 CONTAINED Gold (koz) Silver (koz) AGEOs * (koz) Proven and Probable – – – Measured and Indicated 395 1,074 12 Inferred 17 5 1 * 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. PROJECT OUTLOOK Detail not publicly disclosed by operator. Acquisition Cost US$M $0.9 Net Book Value US$M $0.0 Historical Revenue US$M $0.5 1 Source: Americas Gold and Silver, Management Information Circular, Nov. 7, 2024 ROYAL GOLD 2024 Asset Handbook 136 For more information, please visit: www.americas-gold.com

NICARAGUA La India La India is a surface and underground project, owned by La India Gold S.A., a subsidiary of Metals Exploration plc (“Metals Exploration”). La India is located in the western flanks of the Central Highlands in northwestern Nicaragua, in the municipalities of Santa Rosa del Peñon and El Jicaral, approximately 70 kilometers to the north of the capital city of Managua. ROYALTY OPERATOR Metals Exploration Plc MINERALIZATION STYLE Low-Sulfidation Epithermal Au ROYALTY 3.0% NSR (all metals) YEAR OF ACQUISITION 2007 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE End of 2026 1 EXPECTED MINE LIFE 12.4 years 1 Development Update In November 2024, prior to the acquisition of Condor Gold plc (the previous owner), the Metals Exploration team visited the La India site and conducted a number of studies to assess the potential operational and financial performance of La India. Initial estimates from Metals Exploration’s Internal Study show significant improvements from the Bankable Feasibility Study conducted in 2022 by SRK Consulting. The Internal Study contemplates both an open-pit and underground operation. Metals Exploration is in final negotiations to purchase a second-hand plant to match the potential upside performance of 1.4 million tonnes per annum of ore. 1 Royal Gold’s Royalty Interest Royal Gold holds a 3.0% net smelter return (NSR) royalty on all metals produced from areas subject to our royalty interest at La India. Royal Gold acquired its royalty interest on October 25, 2007, as part of the acquisition of Battle Mountain Gold Exploration Corporation. MINERAL RESOURCES AND RESERVES As of February 28, 2022 CONTAINED Gold (koz) Silver (koz) AGEOs * (koz) Proven and Probable 602 1,250 19 Measured and Indicated 419 637 13 Inferred 837 921 25 * 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. PROJECT OUTLOOK As per the Internal Study, La India is expected to average 145,000 ounces of gold per annum over its mine life. 1 Acquisition Cost US$M $1.0 Net Book Value US$M $1.0 1 Source: Metals Exploration, January 17, 2025, Press Release Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 137 For more information, please visit: www.condorgold.com

BRAZIL Castelo de Sonhos Castelo de Sonhos (“CDS”) is a gold development project owned by TriStar Mineração do Brasil Ltda, a wholly owned subsidiary of TriStar Gold Inc. (“TriStar”). CDS is located in the State of Pará, Brazil, approximately 20 kilometers from the town of Castelo de Sonhos. ROYALTY OPERATOR Tristar Gold Inc. MINERALIZATION STYLE Paleo Placer ROYALTY 1.5% NSR (all metals) YEAR OF ACQUISITION 2019 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE 11 years 1 Development Update TriStar completed a Preliminary Economic Assessment for CDS in September 2018 and a Pre-Feasibility Study (PFS) in October 2021. CDS is envisioned as a conventional open-pit operation. In August 2024, TriStar announced the receipt of the preliminary license (LP) permit. The LP permit represents the first of a three- stage environmental licensing process required for mining projects in Brazil. Next steps for CDS involve further de-risking studies including feasibility and advanced engineering, leading to an ultimate construction decision. 2 Royal Gold’s Royalty Interest Royal Gold holds a 1.5% net smelter return (NSR) royalty on all metals produced from CDS. Royal Gold also holds an option to purchase an additional 1.0% NSR royalty on production from CDS for a further investment of $5.0 million to $8.0 million to be determined by reference to mineralized material at CDS when the option is exercised. Royal Gold acquired the 1.5% NSR royalty from TriStar on August 2, 2019 3 , and the option for the additional 1.0% NSR royalty on May 28, 2019. MINERAL RESOURCES AND RESERVES As of December 31, 2024 CONTAINED Gold (koz) AGEOs * (koz) Proven and Probable 1,400 20 Measured and Indicated 400 6 Inferred 740 11 * AGEOs do not consider adjustments that may impact the economic viability of the AGEO interest. See page 11 for a description of AGEO calculation methodology. PROJECT OUTLOOK As per the 2021 PFS, CDS is expected to average annual production of 146,000 ounces of gold for the first six years of operation. 1 Acquisition Cost US$M $7.3 Net Book Value US$M $7.3 1 Source: TriStar, 2021 Pre-Feasibility Study 2 Source: TriStar, August 29, 2024, Press Release 3 Royal Gold also received warrants to purchase up to 19,640,000 common shares of TriStar ROYAL GOLD 2024 Asset Handbook 138 For more information, please visit: www.tristargold.com

BOLIVIA Don Mario Don Mario is an open-pit copper-gold-silver mine, owned by Empresa Paititi S.A., a wholly- owned subsidiary of Orvana Minerals Corp. (“Orvana”). Don Mario is located within the San Juan Canton, Chiquitos Province, Santa Cruz Department in eastern Bolivia, approximately 380 kilometers east of Santa Cruz de la Sierra and 76 kilometers from San Juan de Chiquitos. ROYALTY OPERATOR Orvana Minerals Corp. MINERALIZATION STYLE VMS ROYALTY 3.0% NSR (all metals) YEAR OF ACQUISITION 2007 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Early 2026 1 EXPECTED MINE LIFE Oxide Stockpile Project (OSP) and Tailings Reprocessing Project (TRP) have potential to add 6-7 years of mine life 2 Development Update Construction of the Don Mario OSP is underway, and, as of December 31, 2024, the project approached 3.5% completion. Orvana expects to complete construction by the end of 2025, conditional on securing the remaining required balance of the funding during the first half of 2025. Orvana’s goal is to resume production in 2026. The OSP is projected to operate for 35 months, starting after construction. 1 Royal Gold’s Royalty Interest Royal Gold holds a 3.0% net smelter return (NSR) royalty on all metals produced from the Don Mario project. Royal Gold acquired its royalty interest on October 25, 2007, as part of the acquisition of Battle Mountain Gold Exploration Corporation. MINERAL RESOURCES AND RESERVES As of September 30, 2024 CONTAINED Gold (koz) Silver (koz) Copper (Mlb) AGEOs * (koz) Proven and Probable 121 3,221 86 9 Measured and Indicated 71 927 54 5 Inferred 24 190 14 1 * 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. PROJECT OUTLOOK Detail not publicly disclosed by operator. Acquisition Cost US$M $10.5 Net Book Value US$M $0.0 Historical Revenue US$M $15.4 1 Source: Orvana, January 16, 2025, Press Release, February 13, 2025, December 2024 MD&A 2 Source: Orvana, November 2024 Corporate Presentation Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 139 For more information, please visit: www.orvana.com

CHILE NuevaUnión NuevaUnión is a 50/50 joint venture between Teck Resources Ltd. and Newmont Corporation, located in Region III of Chile, and consists of their respective Relincho and La Fortuna projects (located approximately 40 kilometers apart). Royal Gold’s royalty interest only covers a portion of the La Fortuna area, which has two known separate zones of porphyry-style, copper-gold mineralization. These include La Fortuna and El Negro. ROYALTY OPERATOR Teck Resources Ltd. MINERALIZATION STYLE Porphyry Cu-Au ROYALTY 1.4% NSR (all metals) YEAR OF ACQUISITION 2013 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE 38 years 1 Development Update NuevaUnión is one of the largest undeveloped copper-gold projects in the Americas. A Pre-Feasibility Study (PFS) on the NuevaUnión project was completed in early 2018. The Relincho and La Fortuna deposits are envisioned to be conventional open- pit mining operations. Work going forward is focused on establishing a cost-effective path forward for the development of this world-class resource in a manner acceptable to communities of interest, key stakeholders and the regulator. 1 Royal Gold’s Royalty Interest Royal Gold holds a 1.4% net smelter return (NSR) royalty on all metals produced from La Fortuna. On August 7, 2013, Royal Gold acquired a 70% interest in a 2.0% NSR royalty on certain portions of La Fortuna from Xstrata Copper Chile S.A. Royal Gold estimates that the royalty covers approximately 30% of this deposit. MINERAL RESOURCES AND RESERVES As of December 31, 2024 CONTAINED Gold (koz) Silver (koz) Copper (Mlb) AGEOs * (koz) Proven and Probable 3,078 17,840 2,304 97 Measured and Indicated 1,391 8,649 825 39 Inferred 1,851 15,423 1,364 58 * 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. PROJECT OUTLOOK As per the PFS, NuevaUnión is estimated to average annual production of 224,000 tonnes of copper, 269,000 ounces of gold, and 1,700 tonnes of molybdenum in concentrate per year over the first 5 years of operation. 2 Acquisition Cost US$M $35.1 Net Book Value US$M $35.1 1 Source: Newmont Corporation, Corporate Website 2 Source: Teck Resources Ltd., April 24, 2018, Press Release ROYAL GOLD 2024 Asset Handbook 140 For more information, please visit: www.teck.com

SPAIN Las Cruces Las Cruces is a high-grade open-pit copper mine and hydrometallurgical plant, owned and operated by Cobre Las Cruces S.A., a wholly-owned subsidiary of First Quantum Minerals Ltd. Las Cruces is located approximately 20 kilometers northwest of the city of Seville, in the Seville Province of southern Spain. ROYALTY OPERATOR First Quantum Minerals Ltd. MINERALIZATION STYLE Sediment-Hosted Cu ROYALTY 1.5% NSR (copper only) YEAR OF ACQUISITION 2010 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE +20 years 1 Development Update In 2021, the Las Cruces mine transitioned from open-pit mining to re-processing of high-grade tailings, which was completed in the third quarter of 2023. Work is advancing on the Las Cruces Underground Project, and, on February 20, 2024, First Quantum filed an updated NI 43-101 Technical Report on mineral resources and reserves for the Las Cruces Underground Project. The proposed project comprises a new decline access underground mine producing up to 2.0 million tonnes per annum (Mtpa), feeding a new polymetallic process plant/refinery, which has a design throughput of up to 2.2 Mtpa, allowing for the additional processing of existing stockpiles. Over the life of mine, average annual production is expected to be approximately 40 million pounds of copper, 79 million pounds of zinc, 33 million pounds of lead and 775,000 ounces of silver. The mine life is expected to exceed 20 years of production, following a project period consisting of a six-month pre-project development phase followed by a 25-month construction period. All permits are in place for the Las Cruces Underground Project. 1 Royal Gold’s Royalty Interest Royal Gold holds a 1.5% net smelter return (NSR) royalty on copper produced from the Las Cruces mine. The royalty is payable only when the London Metal Exchange (LME) cash settlement price for Grade A copper is equivalent to or greater than $0.80 per pound of copper. Royal Gold acquired its interest on February 22, 2010, with the acquisition of International Royalty Corporation, which included the 1.5% NSR royalty on Las Cruces. PROJECT OUTLOOK Detail not publicly disclosed by operator. MINERAL RESOURCES AND RESERVES As of September 30, 2023 CONTAINED Copper (Mlb) AGEOs * (koz) Proven and Probable 1,042 25 Measured and Indicated 280 7 Inferred 224 5 * AGEOs do not consider adjustments that may impact the economic viability of the AGEO interest. See page 11 for a description of AGEO calculation methodology. Acquisition Cost US$M $57.2 Net Book Value US$M $0.0 Historical Revenue US$M $69.4 1 Source: First Quantum Minerals Ltd., February 2024 Technical Report Performance Introduction Attributes of Our Business Portfolio Overview Expected and Outlook Portfolio Details Reference Materials 141

ROYAL GOLD 2024 Asset Handbook 142 For more information, please visit: www.first-quantum.com

NORTH MACEDONIA Ilovica Ilovica is a porphyry copper-gold deposit, owned by Euromax Resources DOO Skopje, a wholly-owned subsidiary of Euromax Resources Ltd. (“Euromax”). Ilovica is located in southeast North Macedonia, within the municipality of Bosilovo, approximately 15 kilometers west of the Bulgarian border and approximately 20 kilometers east of the town of Strumica. STREAM OPERATOR Euromax Resources Ltd. MINERALIZATION STYLE Porphyry Cu-Au CURRENT STREAM TBD CURRENT ONGOING PAYMENT TBD YEAR OF ACQUISITION TBD TERM OF STREAM Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE 20 years 1 Development Update Euromax completed a Feasibility Study (FS) for Ilovica in January 2016 and is currently working with the North Macedonian authorities to advance permitting approval. 2 Royal Gold’s Stream Interest In 2014, Royal Gold, through its wholly-owned subsidiary RGLD Gold AG, announced a $175 million gold stream transaction with Euromax to finance the construction of Ilovica. Upon completion of the investment, Royal Gold is entitled to 25% of the payable gold until 525,000 ounces of payable gold have been delivered, and 12.5% thereafter. The purchase price for gold ounces delivered is 25% of the spot gold price. To date, Royal Gold paid two advance deposit payments totaling $15 million. A third payment of $160 million remains subject to certain conditions. Early termination provisions allow the return of Royal Gold’s $15 million investment under certain circumstances or, alternatively, allow Royal Gold to retain a gold stream calculated as 2.0% of Ilovica’s gold production for the life of the project with no further investment beyond the first $15 million. Advance Payment US$M See footnote 3 Net Book Value US$M $12.0 PROJECT OUTLOOK As per the 2016 FS, Ilovica is estimated to average annual payable production of 83,000 ounces of gold and 16,000 tonnes of copper over its mine life. 1 MINERAL RESOURCES AND RESERVES As of January 5, 2016 CONTAINED Gold (koz) Copper (Mlb) AGEOs * (koz) Proven and Probable 2,010 899 – Measured and Indicated 870 310 – Inferred – – – * 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. 1 Source: Euromax Resources, 2016 Feasibility Study 2 Source: Euromax, June 2022 Corporate Presentation 3 $11.25 million invested, $163.75 million subject to certain conditions. Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 143 For more information, please visit: www.euromaxresources.com

ROYAL GOLD 2024 Asset Handbook GHANA Bogoso and Prestea The Bogoso and Prestea properties comprise a collection of adjoining mining concessions that together cover an 85-kilometer section of the Ashanti gold trend district in the central- eastern section of the Western Region of Ghana. Historical mining activity has occurred from underground and open-pit operations feeding both refractory and oxide processing plants. Future Global Resources Ltd. (“FGR”) owns a 90% interest in Bogoso and Prestea, and the Government of Ghana owns the remaining 10%. STREAM OPERATOR Future Global Resources Ltd. MINERALIZATION STYLE Orogenic Au CURRENT STREAM 5.5% of Payable Gold CURRENT ONGOING PAYMENT 30% of spot for Gold YEAR OF ACQUISITION 2015 TERM OF STREAM Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE Detail not publicly disclosed by operator. Development Update In September 2024, the Ministry of Lands and Natural Resources of the Government of Ghana issued a notice to FGR terminating the mining leases for Bogoso and Prestea for failure by FGR to meet certain conditions previously set out by the government. According to published reports, FGR disputes the termination of the leases and is considering legal action. Royal Gold’s Stream Interest In May 2015, Royal Gold’s wholly-owned subsidiary, RGLD Gold AG, acquired a gold stream from a wholly-owned subsidiary of Golden Star Resources Ltd. (“Golden Star”), which included production from Golden Star’s Wassa, Bogoso and Prestea mines. Effective September 30, 2020, upon the sale of the Bogoso and Prestea mines by Golden Star to FGR, the stream agreement between RGLD Gold AG and Golden Star was separated to provide for a separate stream agreement between RGLD Gold AG and FGR for the Bogoso and Prestea mines. After the separation, Royal Gold has no carrying value assigned to the Bogoso and Prestea stream. RGLD Gold AG has the right to purchase 5.5% of payable gold produced from FGR’s Bogoso and Prestea mines. The cash purchase price for gold is 30% of the spot price of gold per ounce delivered. Payable gold is calculated as 99.5% of contained gold in doré or 99.0% in any other form. Acquisition Cost US$M See footnote 1 Net Book Value US$M $0.0 Historical Revenue US$M See footnote 2 PROJECT OUTLOOK Detail not publicly disclosed by operator. MINERAL RESOURCES AND RESERVES As of April 1, 2024 CONTAINED Gold (koz) AGEOs * (koz) Proven and Probable 15 1 Measured and Indicated 5,095 196 Inferred 910 35 * 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. 1 See Wassa for combined advance payment. 2 See Wassa for combined revenue to Royal Gold since Inception. 144

Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 145 For more information, please visit: www.futureglobalresources.com

AUSTRALIA Kundip Kundip Mining Centre (KMC) is a development project that is part of the larger Ravensthorpe Gold Project (RGP) owned by Medallion Metals Limited (“Medallion”). KMC is located at the intersection of the Southern Cross greenstone belt and the Albany Fraser Orogen, in Western Australia, approximately 30 kilometers north-northeast of Hopetoun. ROYALTY OPERATOR Medallion Metals Limited MINERALIZATION STYLE Orogenic Au ROYALTY 1.0% to 1.5% GVR (gold only) YEAR OF ACQUISITION 2008 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE 9 years 1 Development Update Medallion completed a Pre-Feasibility Study (PFS) in October 2023. Critical work streams to advance KMC toward a final investment decision are as follows: infill drilling of Inferred resources in order to maximize metal reporting to ore reserves; ongoing metallurgical, geotechnical and hydrogeological testwork to support bankable feasibility study level assessments; and progression of environmental permitting with a focus on primary approvals at State and Federal levels. Royal Gold’s Royalty Interest Royal Gold holds a 1.0% gross value (GV) royalty on the first 250,000 ounces gold produced, and a 1.5% GV thereafter. Royal Gold’s royalty interest covers areas within KMC, including the Gem Restored and Gift deposits and portions of the Gem deposit, but excludes certain deposits as they had been defined at the time of the October 2003 royalty agreement. Royal Gold acquired this royalty interest effective July 31, 2008, as part of the acquisition of a royalty portfolio from Barrick Gold Corporation. MINERAL RESOURCES AND RESERVES As of December 31, 2023 CONTAINED Gold (koz) Silver (koz) Copper (Mlb) AGEOs * (koz) Proven and Probable 220 185 11 2 Measured and Indicated 40 75 3 – Inferred 300 255 11 3 * 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. PROJECT OUTLOOK As per the 2023 PFS, Kundip is estimated to average annual production of 85,000 ounces of gold and 1,800 tonnes of copper over a 9-year mine life. 1 Acquisition Cost US$M $1.6 Net Book Value US$M $1.6 1 Source: Medallion, October 23, 2023 Prefeasibility Study ROYAL GOLD 2024 Asset Handbook 146 For more information, please visit: www.medallionmetals.com.au

AUSTRALIA Red Dam Red Dam is a development project, currently one of 15 deposits that comprise the December 2022 ore reserve at the Mungari operation. The project is owned by Evolution Mining Limited (“Evolution”) and is located in the Eastern Goldfields district, in Western Australia, approximately 600 kilometers east of Perth and 20 kilometers west of Kalgoorlie. ROYALTY OPERATOR Evolution Mining Limited MINERALIZATION STYLE Orogenic Au ROYALTY 2.5% GSR (gold), 2.5% NSR (silver) YEAR OF ACQUISITION 2008 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE Detail not publicly disclosed by operator. Development Update Evolution is committed to investing $250 million towards increasing the processing capacity at Mungari from two million tonnes per annum (Mtpa) to 4.2 Mtpa. In January, Evolution reported that the Mungari mill expansion was ahead of schedule and under budget. Early commissioning works for the mill are now set to commence in the June quarter 2025. 1 Royal Gold’s Royalty Interest Royal Gold holds a 2.5% gross smelter return (GSR) royalty and a 2.5% net smelter return (NSR) royalty on silver produced from the Red Dam tenement. Royal Gold acquired this royalty interest effective October 1, 2008, as part of the acquisition of a royalty portfolio from Barrick Gold Corporation. MINERAL RESOURCES AND RESERVES As of December 31, 2023 CONTAINED Gold (koz) AGEOs * (koz) Proven and Probable 117 3 Measured and Indicated – – Inferred – – * AGEOs do not consider adjustments that may impact the economic viability of the AGEO interest. See page 11 for a description of AGEO calculation methodology. PROJECT OUTLOOK Detail not publicly disclosed by operator. Acquisition Cost US$M $0.2 Net Book Value US$M $0.2 1 Source: Evolution, January 22, 2025, ASX Announcement Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 147 For more information, please visit: www.evolutionmining.com.au

Highlighted Evaluation Properties CANADA Great Bear 149 Kerr-Sulphurets-Mitchell 151 Berg 153 Lawyers 154 North Island 155 Schaft Creek 156 PERU Los Chancas 157 CHILE Alturas 158 Pascua-Lama 159 ROYAL GOLD 2024 Asset Handbook 148

CANADA Great Bear The Great Bear Project is located 25 kilometers southeast of the town of Red Lake, Ontario. It is 100% owned and operated by Kinross Gold Corporation (“Kinross”). The project is in a well- established mining camp, close to skilled labor, a paved highway and provincial power lines. The property also hosts a network of well-maintained logging roads, which facilitate year- round access to the site. The Great Bear Project land package is contiguous and hosts multiple zones of high-grade mineralization that remain open on strike and at depth. The LP Fault Zone hosts high-grade mineralization within a lower-grade mineralized halo over a 10.8 kilometer strike length and is open along strike and at depth, and several additional targets with vein-hosted high-grade gold mineralization have been identified by Kinross. ROYALTY OPERATOR Kinross Gold Corporation MINERALIZATION STYLE Orogenic Au ROYALTY 2.0% NSR (all metals) YEAR OF ACQUISITION 2022 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE 2029 1 EXPECTED MINE LIFE 12 years 1 Development Update In September 2024, Kinross released the results of a Preliminary Economic Assessment (PEA) for the Great Bear Project. The PEA outlined a high-grade combined open-pit and underground mine. Building on the PEA, progress at Great Bear continues with its Advanced Exploration (AEX) program and the Main Project. For the AEX program, early works, including tree clearing and earthworks, has commenced with the necessary permits received for all current activities. The two remaining permits required for full AEX completion and operation are under review by the regulatory authorities. Detailed engineering and procurement continue to advance, and Kinross is planning to commence construction of the exploration decline in late 2025. For the Main Project, Kinross is advancing detailed engineering and execution planning. The selection of design partners is well underway, and work is planned to commence in Q1 2025. Kinross continues to work with the Impact Assessment Agency of Canada on advancing its Impact Statement, which is planned to be submitted later in 2025. Consultation continues with designated Indigenous communities, including discussions to finalize related agreements. Given the cost of drilling to depth from surface and the significant resource already identified, for 2025, Kinross has shifted from deep underground resource drilling to regional work with the goal of identifying new open-pit and underground deposits. 2 Royal Gold’s Royalty Interest Royal Gold holds a 2.0% net smelter return (NSR) royalty on all metals produced from the Great Bear Project. Royal Gold acquired this royalty interest effective September 9, 2022, as part of the acquisition of Great Bear Royalties Corp. (“GBR”). Kinross holds the right to purchase a 25% interest in the royalty for an amount equal to 25% of Royal Gold’s purchase price of GBR, adjusted for inflation, at any time from the transaction closing date until the earlier of a construction decision for the Great Bear Project and 10 years after the transaction closing date. This right was granted by Royal Gold to Kinross in return for a unique agreement between Royal Gold and Kinross that allowed Royal Gold access to Kinross personnel and certain non - public information pertaining to the Great Bear Project prior to the acquisition of GBR. 1 Source: Kinross, September 10, 2024, Press Release 2 Source: Kinross, February 13, 2025, Press Release 3 Includes tax gross-up of $53.6 million and acquisition-related costs of approximately $4 million Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 149

PROJECT OUTLOOK As per the September 2024 PEA, the Great Bear Project is expected to produce over 500,000 ounces of gold per year during the first eight years of its mine life. Importantly, the PEA provides a first view of Great Bear’s potential, while ongoing drilling demonstrates further potential upside as exploration progresses from depth. 2 MINERAL RESOURCES AND RESERVES As of December 31, 2024 CONTAINED Gold (koz) AGEOs * (koz) Proven and Probable – – Measured and Indicated 2,738 55 Inferred 3,884 78 * 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. Acquisition Cost US$M $151.7 Net Book Value US$M $209.1 3 ROYAL GOLD 2024 Asset Handbook 150 For more information, please visit: www.kinross.com

CANADA Kerr-Sulphurets-Mitchell The Kerr-Sulphurets-Mitchell (“KSM”) Project is a gold, copper, silver and molybdenum project located 65 kilometers northwest of Stewart, in the mineral-rich area commonly referred to as the Golden Triangle of British Columbia. KSM is owned by Seabridge Gold (“Seabridge”). The KSM project is one of the world’s largest undeveloped gold/copper projects by gold and copper resources. ROYALTY OPERATOR Seabridge Gold Inc. MINERALIZATION STYLE Porphyry Cu-Au ROYALTY Option to acquire either 1.25% NSR (gold and silver) or 2.0% NSR (gold and silver) YEAR OF ACQUISITION TBD TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE 72 years 1 Development Update In 2022, Seabridge completed a Pre-Feasibility Study (PFS) considering only open-pit reserves (from Mitchell, East Mitchell and Sulphurets). Furthermore, also in 2022, Seabridge completed a Preliminary Economic Assessment (PEA) based on mining copper-rich block caves at the Kerr and Iron Cap deposits (not included in the PFS). Seabridge has also received social approvals from a number of local First Nations groups (Impact Benefits Agreements signed with the Nisga’a and Tahltan Nations, letters of support received from the Terrace, Smithers and Gitxsan Nations, and a non-opposition agreement with the Gitanyow Nation). Environmental approvals include the B.C. Environmental Assessment (“EA”) certificate (issued July 2014) and the Federal Environmental approval (received December 2014). To extend the EA approvals for the life of the project, KSM must be “substantially started” by July 2026. On July 26, 2024, Seabridge announced it had received its “substantially started” designation from the BC government. 2 Royal Gold’s Royalty Interest Royal Gold holds an option to acquire either a 1.25% net smelter return (NSR) royalty or a 2.0% NSR royalty on all gold and silver produced from the KSM Project; the exercise price to acquire a 1.25% NSR royalty is C$100 million while, for a 2.0% NSR royalty, is C$160 million. Royal Gold does not expect to consider exercising the royalty purchase option until the project achieves certain permitting and financing requirements and a decision to construct has occurred. The options to purchase the NSR royalty will remain exercisable for 60 days following Royal Gold’s satisfaction that the project has received all material approvals and permits, has sufficient committed funding for construction and certain other conditions have been met. 1 Source: Seabridge, January 2024 Corporate Presentation: 2022 PFS demonstrates 33- year open-pit only mine plan while 2022 PEA shows potential of an additional 39 years of mine life from block caves at Kerr and Iron Cap deposits. 2 Source: Seabridge, July 26, 2024, Press Release 3 C$18 million was paid for an option to acquire a royalty. Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 151

PROJECT OUTLOOK As per the 2022 PFS, open-pit operations at KSM are expected to produce an average of one million ounces of gold, 178 million pounds of copper, and three million ounces of silver, per year over a 33-year mine life. Additionally, as per the 2022 PEA, underground operations at the Kerr and Iron Cap deposits are expected to produce an average of 368,000 ounces of gold, 366 million pounds of copper, and 1.8 million ounces of silver, per year over a 39-year mine life. 1 MINERAL RESOURCES AND RESERVES As of August 8, 2022 CONTAINED Gold (koz) Silver (koz) Copper (Mlb) Molybdenum (Mlb) AGEOs * (koz) Proven and Probable 47,300 160,000 7,320 385 – Measured and Indicated 41,400 257,200 12,306 359 – Inferred 71,500 461,200 38,481 466 – * 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. Acquisition Cost US$M See footnote 2 Net Book Value US$M $0.0 ROYAL GOLD 2024 Asset Handbook 152 For more information, please visit: www.seabridgegold.com

CANADA Berg The Berg Project is located in west-central British Columbia, approximately 80 kilometers southwest of Houston, British Columbia, and is owned by Surge Copper Corp. (“Surge Copper”). ROYALTY OPERATOR Surge Copper Corp. MINERALIZATION STYLE Porphyry Cu-Au ROYALTY 1.0% NSR YEAR OF ACQUISITION 2010 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE 30 years 1 Development Update In mid-2023, Surge Copper announced a Preliminary Economic Assessment (PEA) for Berg, outlining a large, open-pit operation with a process plant expected to operate at 90,000 tonnes per day nominal capacity. Royal Gold’s Royalty Interest Royal Gold holds a 1.0% net smelter return (NSR) royalty on all metals produced from areas subject to our royalty interest at Berg. Royal Gold acquired the Berg royalty, effective February 22, 2010, with the acquisition of International Royalty Corporation. MINERAL RESOURCES AND RESERVES As of June 7, 2023 CONTAINED Copper (Mlb) Molybdenum (Mlb) Silver (koz) AGEOs * (koz) Proven and Probable – – – – Measured and Indicated 5,088 633 150,000 163 Inferred 2,045 288 65,000 68 * 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. PROJECT OUTLOOK As per the 2023 PEA, the Berg Project is expected to produce an average of 121 million pounds of payable copper, 13 million pounds of payable molybdenum, three million ounces of payable silver, and 12,000 ounces of payable gold per year over its life of mine. 1 Acquisition Cost US$M $8.3 Net Book Value US$M $8.3 1 Source: Surge Copper, June 13, 2023, Press Release Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 153 For more information, please visit: www.surgecopper.com

CANADA Lawyers The Lawyers Project is located within the Toodoggone mining district of north-central British Columbia, Canada. The project is owned and operated by Thesis Gold Inc. (“Thesis”), which acquired its interest through a merger with Benchmark Metals Inc. (“Benchmark”), the previous owner of the Lawyers Project, in 2023. Thesis is also owner of the Ranch Project located northwest of, and adjacent to, the Lawyers Project. ROYALTY OPERATOR Thesis Gold Inc. MINERALIZATION STYLE Low-Sulfidation Epithermal Au ROYALTY 0.5% NSR YEAR OF ACQUISITION 2022 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE 14 years 1 Development Update On September 5, 2024, Thesis announced the results of an updated Preliminary Economic Assessment (PEA) for a combined Lawyers-Ranch project. The PEA contemplates both open-pit and underground mining methods. In early 2025, Thesis commenced work on a Pre-Feasibility Study which is scheduled to be completed in Q4 2025. Royal Gold’s Royalty Interest Royal Gold holds a 0.5% net smelter return (NSR) royalty on production from areas subject to our royalty interest at the Lawyers Project. Additionally, Royal Gold holds a right of first offer over a 2.0% NSR royalty on the adjacent Ranch Project. Royal Gold acquired the Lawyers royalty and right of first offer on March 24, 2022. MINERAL RESOURCES AND RESERVES As of August 30, 2024 CONTAINED Gold (koz) Silver (koz) AGEOs * (koz) Proven and Probable – – – Measured and Indicated 2,641 82,600 18 Inferred 258 7,400 2 * 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. PROJECT OUTLOOK As per the updated 2024 PEA, the Lawyers-Ranch Project is expected to produce an average of 165,000 ounces of gold and 4.0 million ounces of silver per year over its life-of- mine. 1 Acquisition Cost US$M $8.1 Net Book Value US$M $8.1 1 Source: Thesis, September 5, 2024, Press Release ROYAL GOLD 2024 Asset Handbook 154 For more information, please visit: www.thesisgold.com

CANADA North Island The North Island project is located near Port Hardy, British Columbia, approximately 20 kilometers south of Port Hardy, and is owned by Northisle Copper and Gold Inc. (“Northisle”). ROYALTY OPERATOR Northisle Copper and Gold Inc. MINERALIZATION STYLE Porphyry Cu-Au ROYALTY 10.0% NPI YEAR OF ACQUISITION 2010 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE 22 years 1 Development Update In early 2021, Northisle announced a Preliminary Economic Assessment (PEA) for the North Island Project based on the Hushamu and Red Dog deposits (the Red Dog deposit is not covered by Royal Gold’s royalty) and contemplates an open-pit mining operation, which incorporates a 75,000 tonne per day concentrator expected to produce a high-quality copper concentrate with significant gold by-product as well as a high- grade molybdenum concentrate. Northisle expects to deliver an updated PEA in Q1 2025. Royal Gold’s Royalty Interest Royal Gold holds a 10.0% net profits interest (NPI) royalty on all metals produced from areas subject to our royalty interest at North Island. Royal Gold acquired the North Island royalty, effective February 22, 2010, with the acquisition of International Royalty Corporation. MINERAL RESOURCES AND RESERVES As of March 1, 2024 CONTAINED Gold (koz) Copper (Mlb) AGEOs * (koz) Proven and Probable – – – Measured and Indicated 6,259 2,766 126 Inferred 1,469 542 27 * 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. PROJECT OUTLOOK As per the 2021 PEA, the North Island Project (based on the Hushamu and Red Dog deposits) is expected to produce on average 96 million pounds of copper, 100,000 ounces of gold, and three million pounds of molybdenum per year over its life of mine. 1 Acquisition Cost US$M $2.2 Net Book Value US$M $2.2 1 Source: Northisle, February 4, 2021, Press Release Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 155 For more information, please visit: www.northisle.ca

CANADA Schaft Creek The Schaft Creek Project is located in northwestern British Columbia, approximately 61 kilometers south of Telegraph Creek and 37 kilometers northeast of the Galore Creek property. The Schaft Creek Project is owned by a joint venture between Teck Resources Ltd. (“Teck”) (75%) and Copper Fox Metals Inc. (“Copper Fox”) (25%), where Teck is the operator. ROYALTY OPERATOR Teck Resources Ltd. MINERALIZATION STYLE Porphyry Cu-Au ROYALTY 3.5% NPI YEAR OF ACQUISITION 2010 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE 21 years 1 Development Update In 2021, Copper Fox released the results of a Preliminary Economic Assessment (PEA) for the Schaft Creek Project. The PEA contemplates an open-pit operation with a nominal milling rate of 133,000 tonnes per day over the mine life. The primary objective of the 2025 program for Schaft Creek is to transition the project from the Scoping stage to the Preliminary Feasibility stage. 2 Royal Gold’s Royalty Interest Royal Gold holds a 3.5% net profits interest (NPI) royalty on all metals produced from areas subject to our royalty interest at Schaft Creek. Royal Gold acquired the Schaft Creek royalty, effective February 22, 2010, with the acquisition of International Royalty Corporation. MINERAL RESOURCES AND RESERVES As of December 31, 2024 CONTAINED Gold (koz) Silver (koz) Copper (Mlb) AGEOs * (koz) Proven and Probable – – – – Measured and Indicated 6,503 51,494 7,384 85 Inferred 1,425 11,200 1,327 17 * 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. PROJECT OUTLOOK As per the 2021 PEA, Schaft Creek is expected to produce an average of 238 million pounds of copper, 176,000 ounces of gold, 782,000 ounces of silver, and 10.8 million pounds of molybdenum per year in concentrate over its life of mine. 1 Acquisition Cost US$M $10.3 Net Book Value US$M $10.3 1 Source: Copper Fox, 2021 Preliminary Economic Assessment 2 Source: Copper Fox, January 30, 2025, Press Release ROYAL GOLD 2024 Asset Handbook 156 For more information, please visit: www.teck.com

PERU Los Chancas The Los Chancas Project is located in Southern Peru approximately 65 kilometers southwest of the city of Abancay in the Department of Apurimac and is owned and operated by Southern Copper Corporation (“Southern Copper”). ROYALTY OPERATOR Southern Copper Corporation MINERALIZATION STYLE Porphyry Cu-Au-Mo ROYALTY 0.375% NSR YEAR OF ACQUISITION 2020 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE 2030 1 EXPECTED MINE LIFE Detail not publicly disclosed by operator. Development Update Currently classified by Southern Copper as exploration stage, Los Chancas is envisioned as an open-pit mine with a combination of concentrator and solvent extraction and electrowinning (SX-EW) processes. A Feasibility Study was completed in 2020, and a Technical Report summary was published in 2021. Next steps include restarting the environmental impact assessment and beginning hydrogeological and geotechnical studies as well as a resource verification drilling campaign. Royal Gold’s Royalty Interest Royal Gold holds a 0.375% net smelter return (NSR) royalty on all metals produced from Los Chancas. Royal Gold acquired the Los Chancas royalty from a private party, effective December 23, 2020. Acquisition Cost US$M $6.6 Net Book Value US$M $6.6 MINERAL RESOURCES AND RESERVES As of December 31, 2024 CONTAINED Copper (Mlb) AGEOs * (koz) Proven and Probable – – Measured and Indicated 1,648 12 Inferred 14,165 104 * 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. PROJECT OUTLOOK Southern Copper expects the Los Chancas Project to produce approximately 118,000 tonnes (130,000 tonnes) of copper and 6,800 tonnes (7,500 tonnes) of molybdenum per year starting in 2030. 1 1 Source: Southern Copper, Q3 2023 Corporate Presentation Introduction and Outlook Portfolio Details Reference Materials Attributes of Our Business Portfolio Overview Expected Performance 157 Formoreinformation,pleasevisit: www.southerncoppercorp.com

CHILE Alturas The Alturas Project is located in Region IV of Chile, approximately 30 kilometers south of the former El Indio mine, and is owned and operated by Barrick Gold Corporation (“Barrick”). Barrick announced the discovery of Alturas in early 2015, and mineralization extends across the border into Argentina. ROYALTY OPERATOR Barrick Gold Corporation MINERALIZATION STYLE High-Sulfidation Epithermal Au ROYALTY Up to a 1.06% NSR (gold), up to a 1.59% NSR (copper) YEAR OF ACQUISITION 2020 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE Detail not publicly disclosed by operator. Development Update The Alturas resource contains approximately 5.8 million ounces of gold. At this time, Barrick has not outlined detailed plans to advance the Alturas Project. Royal Gold’s Royalty Interest On January 29, 2020, Royal Gold entered into an agreement with various private individuals for the acquisition of up to a 1.06% net smelter return (NSR) royalty on gold and up to a 1.59% NSR royalty on copper produced from areas subject to our royalty interest at the Alturas Project. Total consideration for the royalty is up to $41 million, of which $11 million was paid on January 29, 2020. A future payment of up to $20 million is conditioned based on a project construction decision by Barrick and the size of the mineral reserve on the date of the construction decision. A further future payment of up to $10 million will be made upon first production from the mining concessions. MINERAL RESOURCES AND RESERVES As of December 31, 2023 CONTAINED Gold (koz) AGEOs * (koz) Proven and Probable – – Measured and Indicated 2,200 23 Inferred 3,600 38 * AGEOs do not consider adjustments that may impact the economic viability of the AGEO interest. See page 11 for a description of AGEO calculation methodology. PROJECT OUTLOOK Detail not publicly disclosed by operator. Acquisition Cost US$M $11.3 Net Book Value US$M $11.3 ROYAL GOLD 2024 Asset Handbook 158 For more information, please visit: www.barrick.com

CHILE Pascua-Lama The Pascua-Lama Project, owned by Barrick Gold Corporation (“Barrick”), is located on the border of Chile and Argentina, in the Frontera district at an elevation of 3,800 to 5,200 meters, approximately 10 kilometers from the Veladero mine operated by Barrick. ROYALTY OPERATOR Barrick Gold Corporation MINERALIZATION STYLE High-Sulfidation Epithermal Au ROYALTY 0.81% to 5.45% NSR (gold), 1.09% NSR (copper) YEAR OF ACQUISITION 2007-2015 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE Detail not publicly disclosed by operator. Development Update Construction on the Pascua-Lama Project began in October 2009. During the fourth quarter of 2013, Barrick announced the temporary suspension of construction, except for those activities required for environmental and regulatory compliance. The ramp-down of construction activity was completed in mid-2014 and the project has remained on hold since that time, and the Chilean side of the project is being transitioned to closure. Royal Gold’s Royalty Interest Royal Gold holds a 0.81% to 5.45% sliding-scale net smelter return (NSR) royalty on gold production from the area of interest in Chile. The royalty is based on a sliding scale, which caps at 5.45% at gold prices above $800 per ounce. Approximately 20% of the royalty is limited to the first 14.0 million ounces of gold produced from the project and 24% of the royalty can be extended beyond 14.0 million ounces produced for $4.4 million. In addition, a one-time payment totaling $8.4 million will be made if gold prices exceed $600 per ounce for any six-month period within the first 36 months of commercial production. Additionally, Royal Gold holds a 1.09% NSR royalty on copper production from the area of interest in Chile. Royal Gold accumulated its royalty interest through several transactions, the largest of which was the acquisition of a 0.47% to 3.15% sliding-scale NSR royalty on gold and 0.63% NSR royalty on copper effective February 22, 2010, with the acquisition of International Royalty Corporation. 1 Source: Barrick, 2023 Annual Report 2 Net of $239.1 million impairment in 2018 Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 159

PROJECT OUTLOOK Barrick continues to see substantial potential in the Pascua- Lama Project and work is underway to re-evaluate its potential. This involves a comprehensive internal review of its technical, economic and social aspects as well as different approaches to permitting and development, which is a process that Barrick expects to take a number of years to complete. Barrick submitted a closure Environmental Impact Assessment (EIA) for the existing site in January 2024. The updated EIA corresponds to the modification of the closure phase of the Pascua mining project requested by the Chilean Environmental Court, specifically regarding water management, and it intends to return the water flows and quality to natural conditions with the removal of certain infrastructure. 1 MINERAL RESOURCES AND RESERVES As of December 31, 2017 CONTAINED Gold (koz) Copper (Mlb) AGEOs * (koz) Proven and Probable – – – Measured and Indicated 14,380 636 797 Inferred 863 18 47 * 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. Acquisition Cost US$M $416.8 Net Book Value US$M $177.7 2 ROYAL GOLD 2024 Asset Handbook 160 For more information, please visit: www.barrick.com

Evaluation/Exploration Properties EVALUATION 1 (LISTED ALPHABETICALLY BY COUNTRY, AS OF DECEMBER 31, 2024) Property Location Ownership Royalty Rate Balcooma Australia Aurora Metals Limited 1.5% NSR Bell Creek Australia Australian Mines Limited A$1.00 to A$2.00/tonne 2 Burnakura Australia Monument Mining Limited 1.5% to 2.5% NSR 3 Buttercup Bore Australia Horizon Gold Limited 2.0% GV Cosmos Australia IGO Limited 1.5% NSR (all metals other than gold); $10 per ounce (gold) Jaguar Australia Aeris Resources Limited 1.5% NSR (gold) Mt. Fisher Australia Rox Resources Limited A$5.00/oz 4 Paddington Australia Zijin Mining Group 1.75% NSR Phillips Find Australia Horizon Minerals Limited A$10.00/oz 5 Pinnacles Australia Nexus Minerals Limited/Northern Star Resources Limited 1.5% NSR Quinns Austin Australia CNN Investments Pty Ltd 1.5% NSR Red October Australia Matsa Resources Limited 1.5% NSR (gold) Temora Australia XavierLinQ Pty Ltd. 12.5% NPI Van Uden Australia Wesfarmers Limited/Shandong Tianye Group 1.5% NSR Wallbrook Australia Nexus Minerals Limited 1.5% NSR Westmoreland Australia Laramide Resources Ltd. 1.0% NSR Yundamindra Australia Nex Metals Explorations Limited 1.5% NSR Inata Burkina Faso Balaji Group 2.5% GSR Belcourt Canada Conuma Resources Ltd. 0.103% GV (coal only) Berg Canada Surge Copper Corp. 1.0% NSR Bronson Slope Canada Seabridge Gold Inc. 1.0% NSR 6 Caber Canada Glencore plc 1.0% NSR 7 Follansbee Canada Evolution Mining Limited/Equinox Gold Corp. 2.0% NSR 8 Gold River Canada Pan American Silver Corporation 1.5% NSR Great Bear Canada Kinross Gold Corporation 2.0% NSR High Lake Canada MMG Limited 1.5% NSR 9 Holt Canada Agnico Eagle Mines Limited 0.00013 x Au price NSR (gold) Horizon Coal Canada Conuma Resources Ltd. 0.50% GV (coal) North Island Canada NorthIsle Copper and Gold Inc. 10.0% NPI 1 Royal Gold considers and categorizes an exploration stage property to be an “evaluation stage” property if mineralized material has been identified on the property but reserves have yet to be identified. The U.S. Securities and Exchange Commission does not recognize the term “mineralized material”. Investors are cautioned not to assume that any part or all of the mineralized material identified on these properties will ever be converted into reserves. 2 The royalty is A$1.00 per tonne on the first five million tonnes of production; A$2.00 per tonne, thereafter. 3 The 1.5% to 2.5% NSR sliding-scale royalty pays at a rate of 1.5% for the first 75,000 ounces produced in any 12-month period and at a rate of 2.5% on production above 75,000 ounces during that 12-month period. 4 Royalty is capped at 500,000 ounces. 5 Royalty applies to production above 40,000 ounces and is capped at $1 million. 6 Royalty shall be greater of (a) 1% NSR; and (b) 8.25% Net Operating Profits. 7 Operator has the option to purchase half of the 1.0% NSR for $500,000. 8 Operator has the option to purchase half the 2% NSR, on the basis of $500,000 for each 0.5% of the NSR acquired and, in doing so, having paid $1 million, leaving a 1% NSR. 9 Operator has option to purchase 0.5% of the 1.5% NSR for $1 million. Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 161

Property Location Ownership Royalty Rate Lawyers Canada Thesis Gold Inc. 0.5% NSR Schaft Creek Canada Copper Fox Metals Inc./Teck Resources Limited 3.5% NPI Shasta Canada TDG Gold Corp. 0.5% NSR Ulu Canada Blue Star Gold Corp. 5.0% NSR 10 Wolverine Canada Yukon Zinc Corporation 0.0% to 9.445% NSR 11 Yellowknife Lithium Canada LiFT Power Ltd. 2.0% NPI Alturas Chile Barrick Gold Corporation 1.06% NSR (Au); 1.59% NSR (Cu) Pascua-Lama Chile Barrick Gold Corporation 0.78% to 5.45% NSR (Au) 12, 13 ; 1.09% NSR (Cu) 14 Kubi Village Ghana Asante Gold Corporation 3.0% NPI 15 Tambor Guatemala Kappes, Cassiday & Associates 4.0% NSR 16 Nieves Mexico Blackberry Ventures 1, LLC 2.0% NSR Los Chancas Peru Southern Copper Corporation 0.375% NSR Nutmeg Mountain United States NevGold Corp. 1.0% to 2.0% NSR 17 Doby George United States Western Exploration Inc. 2.0% NSR 18 Island Mountain United States Tuvera Exploration Inc. 2.0% NSR La Jara Mesa United States Laramide Resources Ltd. $0.25/lb (uranium) 19 Long Valley United States Kore Mining Ltd. 1.0% NSR Niblack United States NeXGold Mining Corp. 1.0% to 3.0% NSR 20 Rock Creek United States Hecla Mining Company 1.0% NSR San Juan Silver (Bulldog) United States Hecla Mining Company 3.0% NSR 21 ; 1.0% NSR 21 Wildcat United States Integra Resources Corp. 1.0% NSR 22 ; 1.0% to 2.0% NSR 23 10 Royalty applies to production above 675,000 ounces. 11 Gold royalty rate is based on the price of silver per ounce. NSR sliding-scale schedule (price of silver per ounce – royalty rate): Below $5.00 – 0.0%; $5.00 to $7.00 – 3.778%; above $7.50 – 9.445%. 12 Royalty applies to all gold production from an area of interest in Chile. Approximately 20% of the royalty is limited to the first 14.0 million ounces of gold produced from the project. Also, 24% of the royalty can be extended beyond 14.0 million ounces produced for $4.4 million. In addition, a one-time payment totaling $8.4 million will be made if gold prices exceed $600 per ounce for any six-month period within the first 36 months of commercial production. 13 NSR sliding-scale schedule (price of gold per ounce – royalty rate): less than or equal to $325 – 0.78%; $400 – 1.57%; $500 – 2.72%; $600 – 3.56%; $700 – 4.39%; greater or equal to $800 – 5.23%. Royalty is interpolated between lower and upper production endpoints. 14 Royalty applies to all copper production from an area of interest in Chile. 15 Operator has the right to purchase the entire 3% NPI for $2 million within six months of a feasibility study. 16 Operator has the right to purchase half of the 4.0% NSR for $2 million within 24 months of commercial production. 17 A $325,000 payment is due upon production of the first 100,000 ounces. Once production reaches 200,000 ounces, the royalty begins paying at the following rate schedule (price of gold per ounce – royalty rate): $0.00 to $425 – 1.0%; $425 and above – 2.0%. 18 The 2.0% NSR becomes payable once 400,000 ounces have been produced. 19 Royalty is payable on per pound of uranium produced above eight million pounds. 20 Royalty rate is 1.0% for each tonne of ore having a value of less than $115 per tonne; 2.0% for each tonne of ore having a value between $115 and $135 per tonne; and 3.0% for each tonne of ore having a value greater than $135 per tonne. 21 Royalty rate is 3.0% on Homestake and Emerald unpatented claims; 1.0% on Emerald patented claims. 22 The 1.0% royalty rate applies to the SS lode claims only. 23 An additional 1.0% NSR applies to gold production between 500,000 ounces and 1.0 million ounces. The royalty increases to a 2.0% NSR on production in excess of 1.0 million ounces. This royalty applies to various claims on the mining property. ROYAL GOLD 2024 Asset Handbook 162

EXPLORATION (LISTED ALPHABETICALLY BY COUNTRY, AS OF DECEMBER 31, 2024) Property Location Ownership Royalty Rate Martha Argentina Patagonia Gold Corporation 2.0% NSR (gold and silver) Mina Cancha Argentina Pan American Silver Corporation 2.50% NSR Abbotts Australia New Murchison Gold Limited 1.5% NSR Cheritons Find Australia Shandong Tianye Group 1.5% NSR Chesterfield Australia Tanzi Pty Ltd 1.5% NSR Croesus Australia Zijin Mining Group A$1.25/tonne 1 Edna May Australia Ramelius Resources Limited 0.5% GSR Fisher East Australia Cannon Resources Limited A$5.00/oz 2 Forrestania Australia IGO Limited 1.5% NSR 3 Lounge Lizard Australia IGO Limited 1.5% NSR 4 Merlin Orbit Australia Lucapa Diamond Company Limited 1.0% GV Mt Newman-Victory Australia Genesis Minerals Limited 1.5% NSR Northwell Chilkoot Australia Northern Star Resources Limited 2.5% to 4.0% GV 5 Red Hill West Australia API Management Pty Ltd 2.5% NSR Southern Cross Nickel Australia IGO Limited 1.5% NSR 6 Stakewell Australia Diversified Asset Holdings Pty Ltd 1.5% NSR Wembley Durack Australia Westgold Resources Limited 1.0% NSR West Wyalong Australia Argent Minerals Limited/Golden Cross Resources Limited 2.5% NSR Afridi Lake Canada Shear Diamonds Ltd 1.5% GV 7 Ashmore Canada Quaternary Mining & Exploration Company Limited 1.5% NSR Black Lake Canada Stillwater Critical Minerals/Heritage Mining Ltd. 1.0% NSR Cameron Gold Canada First Mining Gold Corp. 1.0% NSR 8 Carswell Lake Canada Orano Canada Inc./Capstone Copper Corp. 5.0% NSR Cochenour Canada Evolution Mining Limited 5.0% NPI Duverny Canada Threegold Resources Inc. 15.0% NPI 9 Franquet Canada Nuinsco Resources Limited/Ocean Partner Holdings Limited 2.0% NSR 10 ; 3.0% NSR 10 Gauthier Canada Agnico Eagle Mines Limited 3.0% NSR Godfrey II Canada STLLR Gold Inc. 2.0% NSR Gold Dome Canada Victoria Gold Inc. 2.0% NSR 11 Golden Bear Canada Newmont Corporation 2.0% NSR Hood River Canada Shear Diamonds Ltd 1.0% GV Kizmet Canada Centerra Gold Inc. 1.0% NSR 12 McKenzie Red Lake Canada Evolution Mining Limited 1.0% NSR ML Canada Prospector Metals Corp. 2.0% NSR 1 Royalty is paid on dollars per tonne of ore above 50,000 tonnes up to 500,000 tonnes. 2 Royalty is capped at 500,000 ounces. 3 Royalty is payable on gold only. 4 Royalty is payable on gold only. 5 Royalty is 2.5% at grades above 1.5 g/t or 4.0% for grades at 1.5% or less. 6 Royalty payable on all minerals, except nickel or any by-products in whatever form or state. 7 Operator has option to purchase 0.5% of the 1.5% NSR for $1 million at any time prior to a production decision or within 120 days thereafter. 8 Operator has the option to purchase 0.25% of the 1.0% NSR at any time for CAD$250,000. 9 Royalty rate is equal to 15% of the proceeds of production until $1,760,000 has been paid. A 2.0% NSR royalty applies to production, thereafter. 10 The 2.0% NSR royalty applies to production from an area of the property referred to as the “GeoNova Properties,” and the 3.0% NSR royalty applies to production from an area of the property referred to as the “Homestake Properties.” 11 Operator has the option to purchase 1% of the 2% NSR for $3 million. 12 Operator has the option to purchase the entire 1.0% NSR for $1 million prior to the development of a mine on the property. Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 163

Property Location Ownership Royalty Rate Monument Canada Equity Metals Corporation/Archon Minerals Limited 1.0% GV Moore Lake Canada Skyharbour Resources Ltd. 2.5% NSR 13 Nighthawk Lake Canada Imperial Metals Corporation/Rainy Mountain Royalty Corp./ Thunder Gold Corp. 2.5% NSR 14 Northgate Canada Argo Resources Inc. 1.0% NSR Pickle Lake #2 Canada PC Gold Inc. 1.0% NSR Red Lake Canada Evolution Mining Limited 1.0% NSR TAK Canada Privately held 5.0% NSR 15 Voisey’s Bay Diamonds Canada Vale S.A. 3.0% GV San Jeronimo Mexico Newmont Corporation 2.0% NSR Ambrosia Lake United States Rio Algom Mining LLC 2.0% NVR Apex United States Teck Resources Limited/Pennaroya Utah 3.0% NSR 16 BSC United States McEwen Mining Inc. 2.5% NSR Buckhorn South United States Nevada Gold Mines LLC 15.0% NPI 17 ; 14.0% NPI 17 FAD Property United States i-80 Gold Corp. 3.0% NSR Hona, Eagle and Triple Z United States Contango ORE, Inc. 3.0% NSR Horse Mountain United States Barrick Gold Corporation 0.25% NVR Hot Pot United States Nevada Exploration Inc. 1.25% NSR Paiute United States McEwen Mining Inc. 0.75% NSR Keystone United States Energy Fuels Corporation 2.0% NSR McDonald-Keep Cool United States Newmont Corporation 3.0% NSR Mule Canyon United States Newmont Corporation 5.0% NSR Nevada Properties United States Evolution Mining Limited 2.5% NSR Oro Blanco United States Pan American Silver Corporation 3.0% NSR Pinson – Other United States Barrick Gold Corporation 0.489% to 5.979% NSR 18 Rye United States Barrick Gold Corporation 0.5% NSR San Rafael United States Rio Grande Resources Corporation 2.0% NVR Simon Creek United States Barrick Gold Corporation 1.0% NSR Trenton Canyon United States SSR Mining Inc. 2.4% GSR 19 ; 8.0% NPI 19 Troy United States Hecla Mining Company 3.0% GSR Windfall United States McEwen Mining Inc. 4.0% NSR Wood Gulch United States Barrick Gold Corporation 5.0% NSR 13 Operator has the option to purchase 1.25% of the 2.5% NSR for $1 million at any time prior to a production decision or within 30 days thereafter. 14 Operator may purchase 1.5% of the 2.5% NSR at any time for CAD$1.5 million. 15 Operator has the right to purchase 2.5% of the 5.0% NSR at any time for $1 million. 16 Royalty is capped at $1 million. 17 The 15.0% NPI and the 14.0% NPI apply to different claims on the property. 18 Royalty rate varies depending on pre-existing royalties (max of 6.0%). 19 The 2.4% GSR applies to production from the properties from which greater than 60% of the revenues are projected to be derived from gold and silver. The 8.0% NPI applies to production from the properties from which less than 60% of the revenues are projected to be derived from gold and silver. ROYAL GOLD 2024 Asset Handbook 164

Portfolio Attributable Gold Equivalent Ounces (AGEOs in thousands) Stream/Royalty Category Proven and Probable Measured and Indicated Inferred Stream: Canada Mount Milligan Principal 935 400 89 Rainy River Producing 128 44 12 Latin America Pueblo Viejo Principal 729 149 17 Andacollo Principal 652 569 76 Xavantina Producing 70 — — Africa Khoemacau Producing 220 83 439 Wassa Producing 50 40 254 Bogoso and Prestea Development 1 196 35 Total stream AGEOs 2,783 1,481 922 Royalty: Canada Voisey's Bay Producing 47 3 12 Red Chris Producing 100 109 21 Côté Gold Producing 51 31 8 LaRonde Zone 5 Producing 13 15 23 Canadian Malartic Producing 3 — — Williams Producing 8 10 2 Other-Canada Producing 20 — — Other-Canada Development 87 43 76 Other-Canada Evaluation — 986 635 Other-Canada Exploration — — — Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 165

Portfolio AGEO Summary (Cont’d) Stream/Royalty Category Proven and Probable Measured and Indicated Inferred United States Cortez Principal 361 160 204 Manh Choh Producing 29 1 — Marigold Producing 36 23 3 Leeville Producing 20 37 22 Wharf Producing 14 — — Goldstrike Producing 11 — — Other-United States Producing 122 339 156 Other-United States Development 11 159 81 Other-United States Evaluation — 65 63 Other-United States Exploration — — — Latin America Peñasquito Producing 187 105 10 Dolores Producing 1 3 2 El Limón Producing 21 15 27 Mara Rosa Producing 24 5 7 Other-Latin America Producing — 1 1 Other-Latin America Development 144 63 96 Other-Latin America Evaluation — 848 208 Other-Latin America Exploration — — — Africa Other-Africa Producing — — — Other-Africa Development — — — Other-Africa Evaluation — 7 3 Other-Africa Exploration — — — Australia South Laverton Producing 16 28 13 King of the Hills Producing 31 23 7 Gwalia Producing 32 55 16 Bellevue Producing 30 10 24 Meekatharra Producing 6 20 30 Wonder Producing — 4 6 Other-Australia Producing 18 40 25 Other-Australia Development 5 — 3 Other-Australia Evaluation — 73 100 Other-Australia Exploration — 2 — Europe Las Cruces Development 25 7 5 Other-Europe Producing — — — Other-Europe Development — — — Other-Europe Evaluation — — — Other-Europe Exploration — — — Total royalty AGEOs 1,474 3,289 1,889 Total AGEOs 4,257 4,770 2,812 ROYAL GOLD 2024 Asset Handbook 166

Mineral Resources and Reserves GOLD RESERVES Proven Probable Proven and Probable Metallurgical Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Recovery Property Category (kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz) (%) Andacollo 1 Principal 126,200 0.10 406 112,300 0.10 361 238,400 0.10 767 60% Cortez 2 Principal 1,790 1.74 100 211,000 2.16 14,630 212,790 2.15 14,730 N/A Mount Milligan 3 Principal 187,961 0.34 2,056 76,551 0.31 770 264,512 0.33 2,826 66% Pueblo Viejo 4 Principal 48,000 2.27 3,500 130,000 2.11 8,800 178,000 2.15 12,300 82% Bellevue 5 Producing – – – 9,320 5.04 1,510 9,320 5.04 1,510 97% Canadian Malartic 6 Producing 15,292 0.41 202 – – – 15,292 0.41 202 90% Côté Gold 7 Producing 89,423 1.07 3,063 70,999 0.91 2,076 160,422 1.00 5,139 92% Dolores 8 Producing 1,200 0.34 13 – – – 1,200 0.34 13 Undisclosed El Limón 10 Producing – – – 4,313 5.03 697 4,313 5.03 697 89-91% Goldstrike 11 Producing 17,050 2.30 1,259 – – – 17,050 2.30 1,259 76.3 - 78.84% Gwalia 13 Producing 310 5.62 56 21,400 3.05 2,100 21,710 3.09 2,156 91-96.3% King of the Hills 14 Producing 9,500 0.59 181 59,980 0.99 1,911 69,480 0.94 2,092 92% LaRonde Zone 5 15 Producing 4,450 2.10 301 4,523 2.30 334 8,973 2.20 635 95% Leeville 16 Producing – – – 4,513 7.66 1,112 4,513 7.66 1,112 76% Manh Choh 17 Producing 439 6.38 90 2,873 7.66 707 3,311 7.49 797 Undisclosed Mara Rosa 18 Producing 5,140 1.22 202 18,169 1.13 663 23,309 1.15 865 Undisclosed Marigold 19 Producing – – – 121,578 0.46 1,784 121,578 0.46 1,784 74% Meekatharra 20 Producing 560 2.26 41 8,236 2.54 673 8,796 2.52 714 85-92% Peñasquito 21 Producing 98,600 0.57 1,800 158,100 0.43 2,200 256,700 0.48 4,000 59% avg Rainy River 22 Producing 15,935 0.44 224 36,991 1.60 1,903 52,926 1.25 2,126 95% Red Chris 23 Producing – – – 266,286 0.62 5,310 266,286 0.62 5,310 52% OP, 70% UG South Laverton 25 Producing 10,403 1.49 500 6,305 2.73 554 16,708 1.96 1,054 83% Twin Creeks 26 Producing 535 3.16 54 – – – 535 3.16 54 Undisclosed Ulysses 27 Producing 1,270 3.13 128 2,220 3.05 218 3,490 3.08 346 88% Wassa 28 Producing 3,552 2.14 244 5,290 2.11 359 8,842 2.12 603 96% Wharf 29 Producing 4,749 1.11 169 18,216 0.91 530 22,965 0.95 700 79% Williams 30 Producing – – – 18,554 1.44 861 18,554 1.44 861 86-95% Xavantina 32 Producing 223 9.68 69 1,248 9.71 390 1,471 9.71 459 93% Back River 33 Development – – – 11,340 6.80 2,481 11,300 6.82 2,480 93% Bateman Gold 34 Development – – – 320 6.07 62 320 6.07 62 88% Bogoso and Prestea 35 Development – – – 30 15.48 15 30 15.48 15 96% Castelo de Sonhos 36 Development – – – 38,700 1.09 1,360 38,700 1.10 1,400 98% Don Mario 37 Development 2,057 1.83 121 – – – 2,057 1.83 121 Undisclosed Hasbrouck Mountain 38 Development 5,561 0.70 126 25,618 0.55 452 31,179 0.58 578 40-80% Kundip 39 Development – – – 3,950 1.73 220 3,950 1.73 220 95% Kutcho Creek 40 Development 1,700 0.37 20 4,310 0.51 71 6,010 0.47 92 58-66% La India 41 Development – – – 7,320 2.56 602 7,320 2.56 602 91% Marban 42 Development – – – 42,929 0.88 1,212 42,929 0.88 1,212 94% NuevaUnión 44 Development 116,040 0.55 2,052 88,620 0.36 1,026 204,660 0.47 3,078 66% Pine Cove 45 Development – – – 233 1.53 11 233 1.53 11 87% Red Dam 46 Development – – – 2,900 1.25 117 2,900 1.25 117 Undisclosed Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 167

GOLD RESOURCES (EXCLUSIVE OF RESERVES) Measured Indicated (M) + (I) Inferred Metallurgical Tonnes Grade Contained Tonnes Grade Contained Contained Tonnes Grade Contained Recovery Property Category (kt) (g/t) (koz) (kt) (g/t) (koz) (koz) (kt) (g/t) (koz) (%) Andacollo 1 Principal 73,800 0.11 261 309,900 0.09 897 1,158 69,800 0.08 180 60% Cortez 2 Principal – – – 101,000 1.93 6,280 6,280 171,720 2.34 12,900 N/A Mount Milligan 3 Principal 91,827 0.25 743 92,114 0.28 824 1,566 27,924 0.44 395 Undisclosed Pueblo Viejo 4 Principal 13,000 1.44 600 60,000 1.14 2,200 2,800 7,500 1.58 380 82% Bellevue 5 Producing – – – – – – – 4,800 7.78 1,200 97% Canadian Malartic 6 Producing – – – – – – – – – – 90% Côté Gold 7 Producing 24,075 0.48 372 122,484 0.70 2,739 3,111 42,253 0.61 824 92% Dolores 8 Producing 3,000 0.41 39 600 1.49 29 68 900 1.58 46 Undisclosed Don Nicolas 9 Producing 196 3.82 24 282 2.70 25 49 1,162 0.83 31 30-90% El Limón 10 Producing – – – 8,530 1.85 507 507 6,332 4.43 901 89-91% Goldstrike 11 Producing 2 1.37 – 4 1.29 – – 7 1.71 – 74% Granite Creek 12 Producing 26,493 1.29 1,103 11,981 1.54 593 1,696 2,932 4.25 401 Undisclosed Gwalia 13 Producing 3,460 4.17 464 29,700 3.35 3,200 3,664 7,790 4.23 1,060 91-96.3% King of the Hills 14 Producing – – – 14,960 3.16 1,522 1,522 10,740 1.38 476 92% LaRonde Zone 5 15 Producing – – – 10,594 2.27 774 774 10,437 3.38 1,134 95% Leeville 16 Producing – – – 9,041 7.07 2,055 2,055 5,873 6.44 1,216 76% Manh Choh 17 Producing 0 0.00 0 367 2.78 33 33 0 0.00 0 Undisclosed Mara Rosa 18 Producing 573 0.51 9 6,552 0.75 158 167 5,636 1.35 244 Undisclosed Marigold 19 Producing – – – 235,499 0.20 1,534 1,534 12,835 0.37 152 73% Meekatharra 20 Producing 1,344 3.20 138 19,175 1.93 1,192 1,331 24,370 2.25 1,766 85-92% Peñasquito 21 Producing 48,200 0.32 500 163,100 0.21 1,100 1,600 22,800 0.14 100 57% Rainy River 22 Producing 310 2.71 27 34,772 1.13 1,267 1,294 7,663 1.62 398 95% Red Chris 23 Producing – – – 478,714 0.34 5,233 5,233 88,714 0.30 856 55% Ruby Hill 24 Producing – – – 218,773 0.54 3,812 3,812 198,630 0.49 3,105 77-96.8% South Laverton 25 Producing 4,874 2.54 398 20,008 2.26 1,452 1,850 12,513 2.12 854 83%-92% Twin Creeks 26 Producing 97 1.54 5 283 1.19 11 16 22 0.75 1 Undisclosed Ulysses 27 Producing 350 6.22 70 3,680 3.90 462 532 2,700 3.23 280 88% Wassa 28 Producing 3,203 3.90 402 4,693 4.27 645 1,047 60,893 3.38 6,609 95% Williams 30 Producing – – – 20,235 1.62 1,055 1,055 4,407 1.13 160 89-94% Wonder 31 Producing 370 2.27 27 3,240 2.16 225 252 6,060 2.10 410 Undisclosed Xavantina 32 Producing 110 9.30 33 111 29.59 106 139 632 10.65 216 93% Back River 33 Development – – – 5,800 8.04 1,499 1,499 13,780 8.02 3,550 93% Bateman Gold 34 Development – – – 1,704 4.63 254 254 1,424 3.84 176 88% Bogoso and Prestea 35 Development 13,980 1.87 840 62,580 2.11 4,255 5,095 12,180 2.32 910 96% Castelo de Sonhos 36 Development – – – 14,400 0.86 400 400 26,100 0.88 740 98% Don Mario 37 Development 135 1.84 8 4,422 0.44 63 71 1,671 0.45 24 Undisclosed Hasbrouck Mountain 38 Development 777 0.32 8 6,171 0.32 64 72 4,682 0.37 56 40-80% Kundip 39 Development – – – 710 1.75 40 40 3,150 2.96 300 95% Kutcho Creek 40 Development 103 0.20 1 413 2.08 28 28 2,145 0.41 28 58-66% La India 41 Development – – – 2,142 6.08 419 419 6,154 4.23 837 91% Marban 42 Development – – – 9,670 1.76 548 548 1,898 2.54 155 94% Ming 43 Development 241 2.68 21 74 1.98 5 25 62 2.12 4 Undisclosed NuevaUnión 44 Development 2,880 0.47 44 71,010 0.59 1,347 1,391 205,586 0.28 1,851 68% Relief Canyon 47 Development 8,402 0.90 243 7,197 0.66 152 395 1,885 0.28 17 83% Alturas 48 Evaluation – – – 58,000 1.18 2,200 2,200 130,000 0.86 3,600 Undisclosed Berg 49 Evaluation 34,000 0.03 34 976,000 0.02 709 743 542,000 0.02 284 55% ROYAL GOLD 2024 Asset Handbook 168

GOLD RESOURCES (EXCLUSIVE OF RESERVES) (Cont’d) Measured Indicated (M) + (I) Inferred Metallurgical Tonnes Grade Contained Tonnes Grade Contained Contained Tonnes Grade Contained Recovery Property Category (kt) (g/t) (koz) (kt) (g/t) (koz) (koz) (kt) (g/t) (koz) (%) Bronson Slope 50 Evaluation – – – – – – – 155,190 0.32 1,620 Undisclosed Burnakura 51 Evaluation – – – 4,043 2.25 293 293 1,551 1.76 88 Undisclosed Buttercup Bore 52 Evaluation – – – 38 2.57 3 3 423 1.76 24 Undisclosed Caber 53 Evaluation 800 0.29 7 700 0.26 6 13 – – – Undisclosed Doby George 54 Evaluation – – – 12,922 0.98 407 407 4,999 0.73 118 11-70% Follansbee 55 Evaluation – – – – – – – 1,589 7.61 389 N/A Gold River 56 Evaluation – – – 690 5.29 117 117 5,273 6.06 1,028 Undisclosed Great Bear 57 Evaluation 1,556 3.04 152 28,711 2.80 2,586 2,738 25,480 4.74 3,884 95% High Lake 58 Evaluation – – – 7,900 1.30 330 330 6,000 1.30 251 75% Holt 59 Evaluation 5,806 4.29 800 5,884 4.75 898 1,698 9,097 4.48 1,310 Undisclosed Island Mountain 60 Evaluation 450 0.43 6 1,823 0.38 22 29 5,947 0.31 60 Undisclosed Jaguar Nickel 61 Evaluation – – – 1,300 0.30 13 13 400 0.30 4 40% Kubi Village 62 Evaluation 660 5.28 112 660 5.70 121 233 670 5.34 115 93% Lawyers 63 Evaluation 35,987 1.10 1,268 41,764 1.02 1,373 2,641 6,616 1.21 258 92% Long Valley 64 Evaluation – – – 63,699 0.59 1,217 1,217 22,051 0.64 453 80-90% Mt. Fisher 65 Evaluation 53 3.78 6 165 3.24 17 24 310 2.57 26 Undisclosed Niblack 66 Evaluation – – – 5,851 1.84 346 346 214 1.51 10 72% Nieves 67 Evaluation – – – 33,040 0.04 43 43 58,030 0.04 74 80% North Island 68 Evaluation – – – 822,793 0.24 6,259 6,259 204,070 0.22 1,469 47% Nutmeg Mountain 69 Evaluation – – – 51,660 0.61 1,006 1,006 17,860 0.48 275 80% Paddington 70 Evaluation – – – – – – – 380 2.46 30 Undisclosed Pascua-Lama 71 Evaluation 35,156 1.66 1,880 276,452 1.41 12,500 14,380 15,400 1.74 863 Undisclosed Phillips Find 72 Evaluation – – – 540 2.40 42 42 193 2.08 13 Undisclosed Pinnacles 73 Evaluation – – – 310 4.11 41 41 299 3.85 37 Undisclosed Quinns Austin 74 Evaluation 463 0.30 4 703 0.22 5 9 318 0.18 2 Undisclosed Red October 75 Evaluation 105 8.29 28 608 5.37 105 133 635 5.44 111 Undisclosed San Juan Silver (Bulldog) 76 Evaluation – – – – – – – 2,133 0.39 27 Undisclosed Schaft Creek 77 Evaluation 166,000 0.20 1,067 1,127,200 0.15 5,436 6,503 316,700 0.14 1,425 73% Shasta 78 Evaluation – – – 11,881 1.02 389 389 14,865 0.77 370 93% Tambor 79 Evaluation – – – 456 3.94 58 58 596 4.91 94 Undisclosed Temora 80 Evaluation – – – 25,000 0.47 381 381 215,000 0.26 1,827 Undisclosed Ulu 81 Evaluation 1,000 8.46 272 1,500 6.90 333 605 1,261 5.57 226 90% Van Uden 82 Evaluation 326 1.72 18 1,601 1.52 78 96 3,451 1.28 142 Undisclosed Wallbrook 83 Evaluation – – – 394 1.77 22 22 514 1.59 26 98% Wildcat 84 Evaluation – – – 60,000 0.39 746 746 22,500 0.29 210 52-73% Wolverine 85 Evaluation 553 1.40 25 911 1.49 44 69 539 1.37 24 Undisclosed Wembley Durack 86 Exploration – – – 2,309 1.20 89 89 580 1.23 23 Undisclosed Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 169

SILVER RESERVES Proven Probable Proven and Probable Metallurgical Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Recovery Property Category (kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz) (%) Pueblo Viejo 4 Principal 48,000 12.31 19,000 130,000 12.92 54,000 178,000 12.76 73,000 73% Dolores 8 Producing 1,200 15.55 600 – – – 1,200 15.55 600.00 Undisclosed El Limón 10 Producing – – – 4,313 4.67 647 4,313 4.67 647 N/A Khoemacau 87 Producing 8,800 19.00 5,376 31,200 17.99 18,049 40,000 18.22 23,425 84% Manh Choh 17 Producing 439 9.93 140 2,873 14.17 1,309 3,311 13.61 1,449 N/A Peñasquito 21 Producing 98,600 34.23 108,500 158,100 28.47 144,700 256,700 30.68 253,200 80% avg Rainy River 22 Producing 15,935 2.68 1,371 36,991 3.50 4,164 52,926 3.25 5,535 60% Don Mario 37 Development 2,057 48.71 3,221 – – – 2,057 48.71 3,221 Undisclosed Hasbrouck Mountain 38 Development 5,561 14.31 2,558 25,618 9.65 7,946 31,179 10.48 10,504 17-24% Kundip 39 Development – – – 3,950 1.46 185 3,950 1.46 185 N/A Kutcho Creek 40 Development 1,700 24.70 1,350 4,310 39.51 5,475 6,010 35.32 6,825 58-71% La India 41 Development – – – 7,320 5.31 1,250 7,320 5.31 1,250 N/A NuevaUnión 44 Development 116,040 3.00 11,192 88,620 2.33 6,648 204,660 2.71 17,840 66% SILVER RESOURCES (EXCLUSIVE OF RESERVES) Measured Indicated (M) + (I) Inferred Metallurgical Tonnes Grade Contained Tonnes Grade Contained Contained Tonnes Grade Contained Recovery Property Category (kt) (g/t) (koz) (kt) (g/t) (koz) (koz) (kt) (g/t) (koz) (%) Pueblo Viejo 4 Principal 13,000 7.18 3,000 60,000 7.26 14,000 17,000 7,500 6.64 1,600 74% Dolores 8 Producing 3,000 30.07 2,900 600 77.76 1,500 4,400 900 55.30 1,600 Undisclosed Don Nicolas 9 Producing 196 15.37 97 282 11.82 107 204 1,162 3.35 125 30-61% El Limón 10 Producing – – – 8,530 0.54 149 149 6,332 2.47 503 Undisclosed Khoemacau 87 Producing 7,200 12.33 2,855 12,800 14.58 5,999 8,854 73,000 19.86 46,619 84% Manh Choh 17 Producing – – – 367 10.41 123 123 – – – N/A Peñasquito 21 Producing 48,200 27.23 42,200 163,100 24.85 130,300 172,500 22,800 23.46 17,200 80% Rainy River 22 Producing 310 26.39 263 34,772 3.86 4,310 4,573 7,663 3.68 907 60% Ruby Hill 24 Producing – – – 218,773 14.85 104,423 104,423 198,630 14.37 91,759 0.4 Don Mario 37 Development 135 55.27 240 4,422 4.83 687 927 1,671 3.53 190 Undisclosed Hasbrouck Mountain 38 Development 777 7.76 194 6,171 7.35 1,458 1,652 4,682 6.55 986 17-24% Kundip 39 Development – – – 710 3.29 75 75 3,150 2.52 255 N/A Kutcho Creek 40 Development 103 27.99 93 413 153.71 2,042 2,135 2,145 32.05 2,210 58-71% La India 41 Development – – – 2,142 9.25 637 637 6,154 4.65 921 N/A Ming 43 Development 241 20.10 156 74 14.66 35 191 62 16.10 32 Undisclosed NuevaUnión 44 Development 2,880 3.00 278 71,010 3.67 8,371 8,649 205,586 2.33 15,423 66% Relief Canyon 47 Development 8,402 3.44 929 7,197 0.63 145 1,074 1,885 0.08 5 Undisclosed Berg 49 Evaluation 34,000 4.57 5,000 976,000 4.62 145,000 150,000 542,000 3.73 65,000 66% Bronson Slope 50 Evaluation – – – – – – – 155,190 2.71 13,500 Undisclosed Caber 53 Evaluation 800 10.00 257 700 9.00 203 460 – – – Undisclosed High Lake 58 Evaluation – – – 7,900 83.00 21,081 21,081 6,000 84.00 16,204 83% Jaguar Nickel 61 Evaluation – – – 1,300 97.00 4,054 4,054 400 106.00 1,363 49% Lawyers 63 Evaluation 35,987 38.46 44,500 41,764 28.37 38,100 82,600 6,616 34.79 7,400 88% Niblack 66 Evaluation – – – 5,851 29.04 5,462 5,462 214 18.17 125 76% Nieves 67 Evaluation – – – 33,040 50.10 53,220 53,220 58,030 30.38 56,683 81% Quinns Austin 74 Evaluation 463 4.38 65 703 3.28 74 139 318 2.74 28 Undisclosed Rock Creek 88 Evaluation – – – – – – – 90,716 50.98 148,688 88% San Juan Silver (Bulldog) 76 Evaluation – – – – – – – 2,133 539.97 37,026 89% Schaft Creek 77 Evaluation 166,000 1.50 8,006 1,127,200 1.20 43,488 51,494 316,700 1.10 11,200 48% Shasta 78 Evaluation – – – 11,881 37.32 14,256 14,256 14,865 29.06 13,888 86% Wildcat 84 Evaluation – – – 60,000 3.32 6,400 6,400 22,500 2.76 2,000 N/A Wolverine 85 Evaluation 553 364.32 6,482 911 323.78 9,488 15,970 539 333.29 5,776 Undisclosed ROYAL GOLD 2024 Asset Handbook 170

COPPER RESERVES Proven Probable Proven and Probable Metallurgical Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Recovery Property Category (kt) (%) (Mlb) (kt) (%) (Mlb) (kt) (%) (Mlb) (%) Mount Milligan 3 Principal 187,961 0.19 808 76,551 0.20 342 264,512 0.20 1,150 79% Red Chris 23 Producing – – – 266,286 0.51 3,020 266,286 0.51 3,020 80% OP 84%UG Voisey’s Bay 91 Producing 14,000 0.80 247 15,333 0.85 287 29,333 0.83 534 80-85% Cactus 89 Development – – – – – – – – – N/A Don Mario 37 Development 2,057 1.89 86 – – – 2,057 1.89 86 Undisclosed Kundip 39 Development – – – 3,950 0.12 11 3,950 0.12 11 N/A Kutcho Creek 40 Development 1,700 1.64 61 4,310 1.77 168 6,010 1.73 230 87.6-94.5% Las Cruces 92 Development 16,000 1.23 434 25,600 1.08 608 41,600 1.14 1,042 85% NuevaUnión 44 Development 116,040 0.58 1,484 88,620 0.42 821 204,660 0.51 2,304 88% COPPER RESOURCES (EXCLUSIVE OF RESERVES) Measured Indicated (M) + (I) Inferred Metallurgical Tonnes Grade Contained Tonnes Grade Contained Contained Tonnes Grade Contained Recovery Property Category (kt) (%) (Mlb) (kt) (%) (Mlb) (Mlb) (kt) (%) (Mlb) (%) Mount Milligan 3 Principal 91,827 0.19 384 92,114 0.17 348 732 27,924 0.12 7400% N/A Johnson Camp 90 Producing – – – – – – – 55,818 0.38 472 48% Red Chris 23 Producing – – – 478,714 0.34 3,588 3,588 88,714 0.40 782 81% Voisey’s Bay 91 Producing 1,111 0.99 24 889 1.05 21 45 7,556 0.90 150 80-85% Cactus 89 Development 35,811 0.77 608 319,828 0.57 4,015 4,623 293,157 0.39 2,538 N/A Don Mario 37 Development 135 1.75 5 4,422 0.50 49 54 1,671 0.38 14 Undisclosed Kundip 39 Development – – – 710 0.19 3 3 3,150 0.16 11 N/A Kutcho Creek 40 Development 103 1.64 4 413 6.62 60 64 2,145 1.22 58 87.6-94.5% Las Cruces 92 Development 4,900 2.07 223 900 2.84 56 280 9,400 1.08 224 N/A Ming 43 Development 241 2.40 13 74 1.98 3 16 62 1.75 2 Undisclosed NuevaUnión 44 Development 2,880 0.42 27 71,010 0.51 798 825 205,586 0.30 1,364 89% Berg 49 Evaluation 34,000 0.31 230 976,000 0.23 4,858 5,088 542,000 0.17 2,045 82% Bronson Slope 50 Evaluation – – – – – – – 155,190 0.09 317 Undisclosed Caber 53 Evaluation 800 1.11 20 700 1.07 17 36 – – – Undisclosed High Lake 58 Evaluation – – – 7,900 3.00 522 522 6,000 1.80 238 89% Jaguar Nickel 61 Evaluation – – – 1,300 0.50 14 14 400 0.30 3 76% Los Chancas 93 Evaluation – – – 150,000 0.50 1,648 1,648 1,433,000 0.45 14,165 82-84% Niblack 66 Evaluation – – – 5,851 0.94 121 121 214 0.93 4 94% North Island 68 Evaluation – – – 822,793 0.15 2,766 2,766 204,070 0.12 542 86% Pascua-Lama 71 Evaluation 35,156 0.10 77 276,452 0.09 559 636 15,400 0.05 18 Undisclosed Quinns Austin 74 Evaluation 463 1.22 12 703 0.97 15 28 318 0.85 6 Undisclosed Rock Creek 88 Evaluation – – – – – – – 90,716 0.66 1,317 92% Schaft Creek 77 Evaluation 166,000 0.32 1,171 1,127,200 0.25 6,213 7,384 316,700 0.19 1,327 87% Temora 80 Evaluation – – – 25,000 0.34 187 187 215,000 0.30 1,422 N/A Wolverine 85 Evaluation 553 1.36 17 911 1.51 30 47 539 0.98 12 Undisclosed Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 171

LEAD RESERVES Proven Probable Proven and Probable Metallurgical Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Recovery Property Category (kt) (%) (Mlb) (kt) (%) (Mlb) (kt) (%) (Mlb) (%) Peñasquito 21 Producing 98,600 0.35 754 158,100 0.29 1,001 256,700 0.31 1,755 73% avg LEAD RESOURCES (EXCLUSIVE OF RESERVES) Measured Indicated (M) + (I) Inferred Metallurgical Tonnes Grade Contained Tonnes Grade Contained Contained Tonnes Grade Contained Recovery Property Category (kt) (%) (Mlb) (kt) (%) (Mlb) (Mlb) (kt) (%) (Mlb) (%) Peñasquito 21 Producing 48,200 0.25 266 163,100 0.23 827 1,093 22,800 0.20 101 72% High Lake 58 Evaluation – – – 7,900 0.30 52 52 6,000 0.40 53 81% San Juan Silver (Bulldog) 76 Evaluation – – – – – – – 2,133 2.02 95 74% Wolverine 85 Evaluation 553 1.72 21 911 1.61 32 53 539 1.46 17 Undisclosed ZINC RESERVES Proven Probable Proven and Probable Metallurgical Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Recovery Property Category (kt) (%) (Mlb) (kt) (%) (Mlb) (kt) (%) (Mlb) 50 Peñasquito 21 Producing 98,600 0.81 1,760 158,100 0.59 2,055 256,700 0.67 3,815 82% avg Kutcho Creek 40 Development 1,700 2.38 89 4,310 2.98 284 6,010 2.81 373 64-89% ZINC RESOURCES (EXCLUSIVE OF RESERVES) Measured Indicated (M) + (I) Inferred Metallurgical Tonnes Grade Contained Tonnes Grade Contained Contained Tonnes Grade Contained Recovery Property Category (kt) (%) (Mlb) (kt) (%) (Mlb) (Mlb) (kt) (%) (Mlb) (%) Peñasquito 21 Producing 48,200 0.69 733 163,100 0.55 1,978 2,711 22,800 0.60 302 81% Kutcho Creek 40 Development 103 1.86 4 413 9.92 90 95 2,145 1.56 74 64-89% Caber 53 Evaluation 800 6.09 107 700 5.42 84 191 – – – Undisclosed High Lake 58 Evaluation – – – 7,900 3.50 610 610 6,000 4.30 569 93% Jaguar Nickel 61 Evaluation – – – 1,300 7.20 206 206 400 7.80 69 89% Niblack 66 Evaluation – – – 5,851 1.73 223 223 214 1.38 7 90% Quinns Austin 74 Evaluation 463 1.41 14 703 1.47 23 37 318 1.17 8 Undisclosed San Juan Silver (Bulldog) 76 Evaluation – – – – – – – 2,133 1.62 76 81% Wolverine 85 Evaluation 553 13.61 166 911 13.10 263 429 539 10.08 120 Undisclosed ROYAL GOLD 2024 Asset Handbook 172

NICKEL RESERVES Proven Probable Proven and Probable Metallurgical Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Recovery Property Category (kt) (%) (Mlb) (kt) (%) (Mlb) (kt) (%) (Mlb) (%) Voisey’s Bay 91 Producing 14,000 1.76 543 15,333 1.87 632 29,333 1.82 1,175 68-86% NICKEL RESOURCES (EXCLUSIVE OF RESERVES) Measured Indicated (M) + (I) Inferred Metallurgical Tonnes Grade Contained Tonnes Grade Contained Contained Tonnes Grade Contained Recovery Property Category (kt) (%) (Mlb) (kt) (%) (Mlb) (Mlb) (kt) (%) (Mlb) (%) Voisey’s Bay 91 Producing 1,111 1.19 29 889 1.45 28 58 7,556 1.80 300 68-86% Bell Creek 94 Evaluation 11,400 0.84 211 12,700 0.64 179 390 1,700 0.55 21 Undisclosed Cosmos 95 Evaluation – – – 4,340 2.02 194 194 1,950 2.16 93 N/A COBALT RESERVES Proven Probable Proven and Probable Metallurgical Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Recovery Property Category (kt) (%) (Mlb) (kt) (%) (Mlb) (kt) (%) (Mlb) (%) Voisey’s Bay 91 Producing 14,000 0.11 34 15,333 0.12 41 29,333 0.12 75 68-86% COBALT RESOURCES (EXCLUSIVE OF RESERVES) Measured Indicated (M) + (I) Inferred Metallurgical Tonnes Grade Contained Tonnes Grade Contained Contained Tonnes Grade Contained Recovery Property Category (kt) (%) (Mlb) (kt) (%) (Mlb) (Mlb) (kt) (%) (Mlb) (%) Voisey’s Bay 91 Producing 1,111 0.06 1 889 0.07 1 1 7,556 0.12 20 68-86% Bell Creek 94 Evaluation 11,400 0.05 13 12,700 0.03 8 21 1,700 0.03 1 Undisclosed MOLYBDENUM RESOURCES (EXCLUSIVE OF RESERVES) Measured Indicated (M) + (I) Inferred Metallurgical Tonnes Grade Contained Tonnes Grade Contained Contained Tonnes Grade Contained Recovery Property Category (kt) (%) (Mlb) (kt) (%) (Mlb) (Mlb) (kt) (%) (Mlb) (%) Berg 49 Evaluation 34,000 0.03 24 976,000 0.03 609 633 542,000 0.02 288 70% North Island 68 Evaluation – – – 822,793 0.01 149 149 204,070 0.01 25 74% Schaft Creek 77 Evaluation 166,000 0.02 77 1,127,200 0.02 398 474 316,700 0.02 133 59% COAL RESOURCES (EXCLUSIVE OF RESERVES) Measured Indicated (M) + (I) Inferred Metallurgical Tonnes Tonnes Contained Tonnes Recovery Property Category (kt) (kt) (kt) (kt) (%) Horizon Coal 96 Evaluation 102,468 40,626 143,094 40,626 Undisclosed Performance and Outlook Portfolio Details Reference Materials Introduction Attributes of Our Business Portfolio Overview Expected 173

POTASH RESERVES Proven Probable Proven and Probable Metallurgical Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Recovery Property Category (kt) (K 2 O %) (KCl k tons) (kt) (K 2 O %) (KCl k tons) (kt) (K 2 O %) (KCl k tons) (%) Allan 97 Producing 37,600 24.50 16,655 83,200 24.50 36,834 120,800 24.50 53,489 Undisclosed POTASH RESOURCES (EXCLUSIVE OF RESERVES) Measured Indicated (M) + (I) Inferred Metallurgical Tonnes Grade Contained Tonnes Grade Contained Contained Tonnes Grade Contained Recovery Property Category (kt) (K 2 O %) (KCl k tons) (kt) (K 2 O %) (KCl k tons) (KCl k tons) (kt) (K 2 O %) (KCl k tons) (%) Allan 97 Producing 1,289,620 22.04 513,664 517,680 23.35 209,075 772,739 622,800 21.85 245,935 Undisclosed LITHIUM RESOURCES (EXCLUSIVE OF RESERVES) Measured Indicated (M) + (I) Inferred Metallurgical Tonnes Grade Contained Tonnes Grade Contained Contained Tonnes Grade Contained Recovery Property Category (kt) (Li 2 O %) (Li 2 O kt) (kt) (Li 2 O %) (Li 2 O kt) (Li 2 O kt) (kt) (Li 2 O %) (Li 2 O kt) (%) Yellowknife Lithium 98 Exploration – – – – – – – 45,181 1.00 452 Undisclosed URANIUM RESOURCES (EXCLUSIVE OF RESERVES) Measured Indicated (M) + (I) Inferred Metallurgical Tonnes Grade Contained Tonnes Grade Contained Contained Tonnes Grade Contained Recovery Property Category (kt) (%) (Mlb) (kt) (%) (Mlb) (Mlb) (kt) (%) (Mlb) (%) La Jara Mesa 99 Evaluation – – – 1,411 0.28 7 7 720 0.24 3 Undisclosed Westmoreland 100 Evaluation – – – 27,800 0.08 48 48 11,800 0.07 18 Undisclosed ROYAL GOLD 2024 Asset Handbook 174

Footnotes for Mineral Resources and Reserves General Footnotes Set forth below are the definitions of mineral resources and mineral reserves used by U.S. Securities and Exchange Commission under Regulation S-K Item 1300 (“SK 1300”). Mineral resource is a concentration or occurrence of material of economic interest in or on the Earth’s crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut- off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. Mineral Resources are subdivided into three categories, in descending order of geological certainty: • Measured mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty associated with a measured mineral resource is sufficient to allow a qualified person to apply modifying factors, as defined in this section, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a measured mineral resource has a higher level of confidence than the level of confidence of either an indicated mineral resource or an inferred mineral resource, a measured mineral resource may be converted to a proven mineral reserve or to a probable mineral reserve. • Indicated mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an indicated mineral resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated mineral resource may only be converted to a probable mineral reserve. • Inferred mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an inferred mineral resource has the lowest level of geological confidence of all mineral resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an inferred mineral resource may not be considered when assessing the economic viability of a mining project and may not be converted to a mineral reserve. Mineral reserve is an estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted. Mineral reserves are subdivided into two categories, in descending order of geological certainty: • Proven mineral reserve is the economically mineable part of a measured mineral resource and can only result from conversion of a measured mineral resource. • Probable mineral reserve is the economically mineable part of an indicated and, in some cases, a measured mineral resource. Royal Gold has disclosed a number of reserve estimates that are provided by operators that are foreign issuers and are not based on the U.S. Securities and Exchange Commission’s definitions for proven and probable reserves. For Canadian issuers, definitions of “mineral reserve,” “proven mineral reserve,” and “probable mineral reserve” conform to the Canadian Institute of Mining, Metallurgy and Petroleum definitions of these terms as of the effective date of estimation as required by National Instrument 43-101 of the Canadian Securities Administrators. For Australian issuers, definitions of “mineral reserve,” “proven mineral reserve,” and “probable mineral reserve” conform with the Australasian Code for Reporting of Mineral Resources and Ore Reserves prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia, as amended (“JORC Code”). Royal Gold does not reconcile the reserve estimates provided by the operators with definitions of reserves used by the U.S. Securities and Exchange Commission. The reserves and resources reported are either estimates received from the various operators or are based on information provided to Royal Gold or are derived from publicly available information from the operators of the various properties including National Instrument 43-101 or JORC Code reports filed by operators. Royal Gold is not able to reconcile the reserve and resource estimates prepared in reliance on National Instrument 43-101 or JORC Code with definitions of the U.S. Securities and Exchange Commission. Mineral resources and reserves tabulated are the portion of the mineral resources and reserves to which Royal Gold’s stream or royalty interest applies. Metallurgical recoveries are not included in the calculation of contained metals as these can be variable within a deposit depending on material type and process path. Recoveries are generally unknown for projects with resources that do not have processing methods identified. Mineral resources are tabulated in addition to (exclusive of) mineral reserves. Mineral resources which are not mineral reserves do not have demonstrated economic viability. “Contained ounces” or “contained pounds” do not take into account recovery losses in mining and processing. Property-Specific Footnotes Metal prices are dollars per ounce for gold (Au) and silver (Ag) and dollars per pound for copper (Cu), lead (Pb), zinc (Zn), and nickel (Ni). GOLD 1. Andacollo resources and reserves are reported under CIM standards and have an effective date of 12/31/2024. Metal prices used for resources and reserves determination were $1,660 Au and $3.50 Cu and the cut-off grade for reserves averages 0.192% Cu. Our stream interest covers gold only. Copper resources and reserves exist but are not presented because they are not subject to our stream. Our stream interest at Andacollo is 100% of payable gold until 900,000 ounces are delivered, 50% thereafter. Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 175

2. Cortez resources and reserves are reported under CIM and SK-1300 standards, and included in Newmont SK-1300 disclosure (with the exception of Fourmile, which is reported only under CIM standards) and have an effective date of 12/31/2023. Resource quantities are back-calculated from Barrick’s 61.5% to Royal Gold’s 100% for NGM areas. Values may differ due to rounding and significant digits effects. Gold price used for reserves is $1,300. Cut-off grades and process recoveries vary by project area. For more details regarding our royalty interests at Cortez, please see our website. 3. Mount Milligan resources and reserves are reported under CIM standards and have an effective date of 12/31/2024. Metal prices used for reserves determination are $1,800 Au and $3.75 Cu and the cut-off grade is $8.72 NSR. Metal prices used for resources determination are $2,000 Au and $4.00 Cu and the NSR cut-off is $8.72. Specific process recoveries are not disclosed by the operator. Royal Gold also holds a life of mine free cash flow interest (“FCF Interest”), payable annually, of 5% of the cumulative free cash flow generated from Mount Milligan after the earlier of (i) the first fiscal year following delivery of both 375,000 ounces of gold and 30,000 tonnes of copper from January 1, 2024, and (ii) January 1, 2036. The FCF Interest will increase to 10% after the earlier of (i) the first fiscal year following the delivery of both 665,000 ounces of gold and 60,000 tonnes of copper from January 1, 2024, and (ii) January 1, 2036. 4. Pueblo Viejo resources and reserves are reported under CIM and SK-1300 standards and have an effective date of 12/31/2024. Royal Gold’s stream interest is 60%, corresponding to Barrick’s 60% share of the project. Metal prices used for reserves are $1,400 Au and $20.00 Ag. Metal prices used for resources are $1,900 Au and $24.00 Ag. Specific cut-off grades are not disclosed. Our stream interest at Pueblo Viejo is 7.5% of payable gold until 990,000 ounces are delivered, 3.75% thereafter, and 75% of payable silver until 50 million ounces are delivered, 37.5% thereafter. 5. Bellevue resources and reserves are reported under JORC standards and have an effective date of 3/1/2024. Gold price for reserves is AUS$2,250 and the cut- off grade is 3.5 g/t Au. Gold price for resources is AUS$2,250 and cut-off grade is 2.5 g/t Au. The royalty rate varies depending on the tenement. It is 2.0% NSR royalty on all metals produced from the mining leases M36/25 and M36/299 and the exploration license E36/535, and a 2.0% NSR on gold and 1.5% NSR on all other metals produced from the mining lease M36/24. 6. Canadian Malartic resources and reserves are reported under CIM standards and have an effective date of 12/31/2024. Reserves and resources use a $1,300 Au price and a cut-off grade of 0.41 g/t Au. The royalty is based on a sliding scale, which caps at 1.5% at a gold price equal to or above $350 per ounce. 7. Côté Gold resources and reserves are reported to CIM standards with an effective date of 12/31/2024. 70% of reported reserves and resources are expected to fall within the Royal Gold royalty ground. Reserves and resources use gold prices of $1,400 and $1,700, respectively. Specific cut-off grades are not disclosed by the operator. 8. Dolores resources and reserves are reported under CIM standards and have an effective date of 6/30/2024. Metal prices used for reserves are $1,850 Au and $21.00 Ag. Prices for resources are $1,950 Au and $23.00 Ag. Cut-off grades and specific Au and Ag recoveries vary by material type and process. 9. Don Nicolas is a producing property, but no reserves are disclosed. Resources are disclosed under CIM standards as of 4/1/2024. A gold price of $1,550 is used for resource reporting, with cut-offs of 0.3 g/t Au for open-pit and 1.95 g/t Au for underground. 10. El Limón resources and reserves are reported under CIM standards and have an effective date of 12/31/2023. Metal prices used for reserves were $1,500 Au and $23.00 Ag and cut-off grades range from 1.15 to 1.2 g/t Au in the open-pit and 2.3 to 3.36 g/t Au in the underground. For resources, gold prices of $1,600-1,700 and silver prices of $20.00-24.00 are used, with cut-off grades of 1.00 to 1.23 g/t Au in open-pits and 2.25 g/t in underground. 11. Goldstrike resources and reserves are reported under CIM standards and have an effective date of 12/31/2023. $1,700 Au price is used for resources and $1,300 for reserves with a cut-off grade of 0.027 to 0.034 oz/t. 12. Granite Creek resources are reported to CIM standards with an effective date of 12/31/2024. There are no reserves reported for Granite Creek. The property is considered a production property because processing of material from underground development produced gold ounces during the year. Gold price used for resources is $2,040 for open-pit and $2,175 for underground. Cut-off grades are 0.3 g/t open-pit and range from 5.4 to 7.58 g/t for underground. For more details regarding our royalty interests at Granite Creek, please see our website. 13. Gwalia resources and reserves are reported under JORC standards and have an effective date of 12/31/2024. Gwalia, Tower Hill, and Harbour Lights areas are attributable to our royalty interest. AUS$2,800 Au price is used for reserves with a cut-off grade of 0.5 g/t for open pit and 3.5 g/t for underground. AUS$2,800 is used for resources with a cut-off grade of 0.5 g/t for open pit and 2.5 g/t for underground. 14. King of the Hills resources and reserves are reported under JORC standards and have an effective date of 6/30/2024. AUS$2,000 Au price is used for reserves, with cut-off grades of 0.4 g/t Au for open-pit and 1.3 g/t for underground. Resources use an AUS$3,500 pit shell with 0.4 g/t Au for open-pit resource and 1.0 g/t for underground. 15. LaRonde Zone 5 resources and reserves are reported under CIM standards and have an effective date of 12/31/2023. Reserves and resources are reported using gold prices of $1,400 and $1,650, respectively. Cut-off grades vary by material type and depth but are not less than 1.56 g/t Au. 16. Leeville resources and reserves are reported under CIM standards and included in Newmont SK-1300 disclosure and have an effective date of 12/31/2024. Tonnages and grades for resources and reserves subject to our interest are provided directly by the operator. Gold prices used for reserves and resources are $1,400 and $1,700, respectively. Cut-off grades range from 0.145 to 0.197 oz/t. 17. Manh Choh resources and reserves are reported to CIM standards with an effective date of 12/31/2024. Reserves are reported using metal prices of $1,600 Au and $20 Ag. Resources are reported using metal prices of $2,000 Au and $25 Ag. Specific cut-off grades and recoveries are not reported. Kinross discloses their 70% of resources and reserves, which are factored to our 100% coverage. 18. Mara Rosa resources and reserves are reported to JORC standards with an effective date of 12/31/2024. Gold price of $1,750 was used for reserves and $2,100 for resources. Specific recoveries and cut-off grades are not disclosed by the operator. 19. Marigold resources and reserves are reported under SK-1300 standards and have an effective date as of 12/31/2022. Gold prices used for reserves are $1,350, with a cut-off of 0.069 g/t payable Au. Gold prices used for resources are $1,750, with a cut-off of 0.069 g/t payable Au. 20. Meekatharra reserves are reported under JORC standards and have an effective date of 12/3/2024. Mineral resources are reported with an effective date of 11/18/2024. Metal prices used are AUS$2,400 for resources and reserves and cut-off grades vary by material and depth. Different areas of Meekatharra are subject to different royalty rates. The 1.5% to 2.5% NSR royalty pays at a rate of 1.5% for the first 75,000 ounces produced in any 12-month period and at a rate of 2.5% on production above 75,000 ounces during that 12-month period. ROYAL GOLD 2024 Asset Handbook 176

21. Peñasquito resources and reserves are reported under SK-1300 and have an effective date of 12/31/2024. Metal prices used for reserves are $1,700 Au, $20.00 Ag, $0.90 Pb and $1.20 Zn. Prices used for resources are $2,000 Au, $23.00 Ag, $1.00 Pb, and $1.30 Zn. Cut-off grade varies with level of silver, lead and zinc credits, but is not less than $14.10 NSR per tonne. 22. Rainy River resources and reserves are reported under CIM standards and have an effective date of 12/31/2024. Reserves use $1,650 Au and $20.00 Ag prices. Resources prices are not disclosed. Cut-off grades for both reserves are 0.3 g/t AuEq for open-pit 1.68 g/t AuEq for underground. Cut-off grades for resources are 0.3 g/t AuEq for open pit and 1.4 g/t for underground. Our stream interest at Rainy River is 6.5% of the gold produced until 230,000 gold ounces have been delivered, 3.25% thereafter, and 60% of payable silver produced until 3.1 million ounces are delivered, 30% thereafter. 23. Red Chris resources and reserves are reported under SK-1300 and have an effective date of 12/31/2024. The operator reports its 70% ownership which is converted to our 100% royalty coverage. Reserves use $1,300 Au and $3.00 Cu prices. Resources use $1,400 Au and $3.40 Cu prices. Cut-off grades vary with copper credits. 24. Ruby Hill does not have current reserves disclosed. We classify it as a producing property because of revenue from ongoing heap leaching. Ruby Hill resources are estimated under CIM standards with an effective date of 12/31/2024. Resources use a $2,175 Au price and $26 Ag price. Cut-off grades are 0.1 g/t for Mineral Point open-pit and 5.06 g/t Au for Archimedes 426 zone and 5.48 g/t Au for Archimedez Ruby Deeps zone. 25. South Laverton resources and reserves are reported under JORC standards and have an effective date of 3/31/2024. The operator reports resources and reserves for Carosue Dam, of which our royalties cover certain deposit areas. Reserves and resources use AUS$1,850 and AUS$2,250 respectively. Cut-off grades are 0.56 g/t Au. The AUS$6.00 per ounce royalty is payable once 265,745 ounces of gold have been produced and the A$10.00 per ounce royalty is payable once 160,333 ounces of gold have been produced from certain South Laverton tenements. The thresholds have not been met for either AUS$ per ounce royalty. 26. Twin Creeks reports resources and reserves to CIM standards with an effective date of 12/31/2022. The Twin Creeks royalty is now a part of the Turquoise Ridge JV, operated by Nevada Gold Mines. Reserves and resources use gold prices of $1,300 and $1,700 respectively. Cut-off grades are 0.005 oz/t Au for leach and 0.022 oz/t for mill material. 27. Ulysses resources and reserves are reported to JORC standards with an effective date of 12/31/2024. Metal prices used are AUS$2,800 and cut-off grades are 0.7 g/t for open pit and 1.8 g/t for underground for reserves. Resources use 0.4 g/t for open pit and 2.0 g/t for reserves. 28. Wassa resources and reserves are reported to JORC standards with an effective date of 9/30/2024. Resources and reserves use a gold price of $2,050 and cut- off grades of 1.34 g/t for underground and 0.5 g/t for open-pit, except Chichiwelli resources which use a $1500 gold price and 0.55 g/t cut-off. Our stream interest at Wassa is 10.5% of payable gold until 240,000 ounces are delivered, 5.5% thereafter. 29. Wharf reserves are reported to SK 1300 standards with an effective date of 12/31/2023. A gold price of $1,600 and a cut-off Au grade of 0.01 oz/short ton was used for reserve reporting. The royalty is based on a sliding scale, which caps at 2.0% at gold prices above $500 per ounce. 30. Williams resources and reserves are reported to CIM standards with an effective date of 12/31/2024. For reserves, a gold price of $1,400 was used, with cut- off grades of 0.43 g/t for open-pit and 2.43 g/t for underground. For resources, a gold price of $1,900 was used, with cut-off grades of 0.36 g/t for open-pit and 1.95 g/t for underground. 31. Wonder resources are reported to JORC standards as of 3/31/2022. Gold price assumption is AUS$2,250 and resources use a 0.5 g/t Au cut-off grade. 32. Xavantina reports resource and reserves to CIM standards as of 6/30/2024. Resources and reserves use a gold price of $1,650/oz, and cut-off grade is $72/t. Our stream interest at Xavantina is 25% of payable gold until 160,000 ounces are delivered, 10% thereafter. 33. Back River resources and reserves are reported to CIM standards with an effective date of 12/31/2024. Reserves and resources use gold prices of $1,750 and $2,100 respectively. Cut-off grades for reserves are 1.65 g/t for open-pit and 4.64 g/t for underground. Resource cut-off grades are 0.9 g/t for open pit and 2.2 g/t for resources in Goose and 1.4 g/t for open pit and 3.1 g/t for underground in George. Royalty revenue from the Goose Project is expected based on the following royalty rates and cumulative production thresholds: 0.7% NSR royalty rate until the receipt of CAD$5 million of royalty revenue, declining to 0.35% thereafter, on all gold produced from startup through to the cumulative production of 400,000 ounces; 2.5% GSR royalty rate on all gold produced after the cumulative production of 400,000 ounces up to a cumulative total of approximately 780,000 ounces; and 3.3% GSR royalty rate on all production above cumulative production of approximately 780,000 ounces. Royalty revenue from the George portion is expected based on an approximate 3.2-4.0% GSR royalty rate, which is payable after cumulative production of 800,000 ounces. 34. Bateman Gold resources and reserves are reported to JORC standards with an effective date of 12/31/2023. Royal Gold royalty covers 80% of the McFinley resource area of the Red Lake property according to Evolution Mining. Gold price used for reserves is AUS$1,800 and the cut-off grade is 3.5 g/t Au. Gold price used for resources is AUS$2,500 with a cut-off grade of 2.5 g/t Au. 35. Bogoso and Prestea resources and reserves are reported under SK-1300 standards with an effective date of 4/1/2024. Gold prices used for reserves and resources were $1,950. Cut-off grades are 0.7 g/t for open pit and 5.2 g/t for underground. 36. Castelo de Sonhos resources and reserves are reported to CIM standards with an effective date of 12/31/2024. Resources and reserves use a gold price of $1,550 and an NSR cut-off of $12.00 per tonne. Royal Gold also holds an option to purchase an additional 1.0% NSR royalty for a further investment of $5.0 million to $8.0 million to be determined by reference to mineralized material at Castelo de Sonhos when the option is exercised. 37. Don Mario resources and reserves are reported to CIM standards and have an effective date of 9/30/2023. Metal prices used for reserves were $1,600 Au, $18.00 Ag, and $3.00 Cu. Resource prices are $1,700 Au, $3.25 Cu. Cut-off grade is 0.3 g/t Au. 38. Hasbrouck Mountain resources and reserves are reported to CIM standards with an effective date of 1/11/2023. Metal prices used for reserves are $1,790 for Au and $21.50 for Ag. For resources, $1,850 Au and $22.75 Ag are used. Cut-off grade is 0.007 opt Au. 39. Kundip resources and reserves are reported to JORC standards with an effective date of 12/31/2023. The Royal Gold royalty area covers only certain deposit areas. Metal prices used are AUS$2,946 Au, AUS$42.00 Ag and AUS$7.57 and cut-off grade is 0.5 g/t AuEq for open pit and 2.0 g/t AuEq for underground. The royalty pays at a rate of 1.0% on the first 250,000 ounces of gold produced, 1.5% thereafter. Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 177

40. Kutcho Creek resources and reserves are reported to CIM standards with an effective date of 7/30/2021. Royal Gold royalty area covers approximately 35% of the reported resources, including 100% of Esso area and 25% of Main area. Sumac is outside the Royal Gold royalty area. Metal prices used for both reserves and reserves are $1,600 Au, $20.00 Ag, $3.50 Cu and $1.15 Zn. NSR cut-off grades for reserves are CAD$38.40 for oxide open-pit, CAD$55.00 for sulfide open-pit, and CAD$129.45 for underground. Resource cut-off grades are 0.45% Cu equivalent for open-pit, 0.95-1.05% Cu equivalent for underground. 41. La India resources and reserves are reported to CIM standards with an effective date of 2/28/2022. Royal Gold royalty area covers portions of the property and excludes others. Metal prices for reserves are $1,600 Au and $20.00 silver, and reserves cut-off is 0.6 g/t Au. Gold price for resources is $1,800, and resource cut-off grades range from 0.5 to 0.65 g/t Au for open-pit and 2.0 g/t Au for underground. 42. Marban reserves and resources are reported to CIM standards with an effective date of 8/17/2022. Royal Gold royalty claims cover only the Marban deposit. Additional resource areas on the claim block are outside the royalty area. Reserves are reported using $1,600 Au price and 0.3 g/t Au cut-off grade. Resources are reported using a $1,900 Au pit shell and cut-off grades of 0.3 g/t Au open-pit and 3.0 g/t Au for underground. The 0.5% to 0.75% sliding-scale NSR relates to certain claims included in the Marban Alliance property, and a 1.0% to 1.5% sliding-scale NSR relates to certain claims in the Horizon property. At a gold price below $350 per ounce, the royalty rate is 0.5% for the Marban Alliance and 1.0% for Horizon, which increases to 0.75% for the Marban Alliance and 1.5% for Horizon at a gold price equal to or above $350 per ounce. 43. Ming resources and reserves are reported under CIM standards with an effective date of 3/31/2022. A portion of the 1807 zone falls on Royal Gold royalty ground. Ming has reported updated mineral resources and reserves but it is not known what portion falls on Royal Gold ground. Resources use metal prices of $1,300 Au, $17.00 Ag, and $2.99 Cu and a cut-off grade of 1% Cu. 44. NuevaUnión resources and reserves are reported to CIM standards and have an effective date of 12/31/2024. Royal Gold’s royalty covers approximately 30% of the La Fortuna section of NuevaUnión. Mineral reserves use prices of $1,200 Au and $3.00 Cu, with a NSR cut-off of $10.55. Resources use prices of $1,500 Au and $3.50 Cu, with a NSR cut-off of $9.12. 45. Pine Cove resources and reserves are reported to CIM standards and have an effective date of 9/1/2021. Royal Gold royalty claims cover Pine Cove stockpile and an estimated 60% of Argyle resource area. Reserves and resources use a gold price of $1,550. Cut-off grade for reserves is 0.56 g/t Au, and cut-off grade for resources is 0.50 g/t Au. 46. Red Dam resources and reserves are reported to JORC standards with an effective date of 12/31/2023. We do not have separate disclosure of resources. Metal prices used are AUS$1,800 for reserves. Cut-off grade used was 0.53 g/t Au. Specific metallurgical recovery was not disclosed. 47. Relief Canyon resources are reported to CIM standards and have an effective date of 6/30/2022. We estimate 69% of resources as attributable to our royalty area. No reserves are reported for Relief Canyon. Metal prices used for resources are $1,500 Au and $22.00 Ag. Specific cut-off grade is not reported. 48. Alturas resources are disclosed to CIM standards with an effective date of 12/31/2023. Commodity prices of $1,700 Au and $21.00 for Ag were used for disclosure. Specific cut-off grades were not disclosed. 49. Berg resources are disclosed to CIM standards with an effective date of 6/7/2023. Metal prices used for resources are $1,800 Au, $23.00 Ag, $4.00 Cu and $15.00 Mo. Cut-off grade is 0.3% Cu. 50. Bronson Slope resources are reported to CIM standards with an effective date of 12/31/2023. Royal Gold interests are estimated as covering 30% of the Bronson Slope resources. An NSR cut-off of C$10.00 per tonne is used for resource reporting. Metal price assumptions are $1600 for Au, $20.00 for Ag and $4.00 for Cu. Specific recoveries are not disclosed. The royalty shall be greater of 1% NSR; and 8.25% Net Operating Profits. 51. Burnakura resources are reported to CIM standards with an effective date of 7/17/2018. Cut-off grades used are 0.5 g/t for open-pit and 3.0 g/t for underground. Specific metallurgical recoveries and metal prices are not disclosed. The royalty pays at a rate of 1.5% for the first 75,000 ounces produced in any 12-month period and at a rate of 2.5% on production above 75,000 ounces during that 12-month period. 52. Buttercup Bore resources are reported to JORC standards with an effective date of 7/1/2022. Royal Gold royalty ground covers approximately 50% of Snook zone. Resources are evaluated within pit shells designed at AUS$2,600 and use a cut-off grade of 0.80 g/t Au. Specific recoveries used are not disclosed. 53. Caber resources are reported to JORC standards with an effective date of 12/31/2024. Specific metal prices and cut-off grades are not disclosed. The operator has the option to purchase half of the 1.0% NSR for $500,000. 54. Doby George resources are reported under CIM standards with an effective date of 10/20/2021. Gold price used for resources is $1,800, with cut-off grades of 0.2 g/t Au for oxide, 0.3 g/t for mixed, and 1.2 g/t for reduced material. The royalty becomes payable once 400,000 ounces have been produced. 55. Follansbee resources are reported to 43-101 standards with an effective date of 11/30/2009. Cut-off grade for resources is 5.1 g/t Au. Metal prices used are not disclosed. The operator has the option to purchase half the 2% NSR on the basis of $500,000 for each 0.5% of the NSR acquired and, in doing so, and having paid $1 million, leaving a 1% NSR. 56. Gold River resources are reported to CIM standards with an effective date of 6/30/2023. Gold price of $1,200 was used for resource reporting, with a cut-off grade of $1,200. 57. Great Bear resources are reported to CIM standards with an effective date of 12/31/2024. Resources are reported using a $1,700 gold price and cut-off grades of 0.55 g/t Au for open-pit and 2.3 to 2.5 g/t Au for underground. 58. High Lake resources are reported to JORC standards with an effective date of 12/31/2023. Resources are reported at a 2.0% CuEq cut-off for open-pit and a 4.0% CuEq cut-off for underground. Specific metals price assumptions are not disclosed. The operator has the option to purchase 0.5% of the 1.5% NSR for $1 million. 59. Holt resources are reported to CIM standards with an effective date of 12/31/2023. Resources are reported using an Au price of $1,500 and a 2.5 g/t cut-off grade. 60. Island Mountain resources were estimated to 43-101 standards with effective date of 8/11/2010. Only a small portion of the resource is attributed to Royal Gold royalty ground. Specific cut-off grades, metal prices, and recoveries are not disclosed. ROYAL GOLD 2024 Asset Handbook 178

61. Jaguar resources are reported to JORC standards and have an effective date of 12/31/2023. Our royalty covers only the Triumph deposit area. Metals prices used for resources are $1,793 Au, $26.10 Ag, $4.30 Cu, and $1.05 Zn. NSR cut-off is set at AUD$100. 62. Kubi Village resources are reported to CIM standards with an effective date of 3/11/2022. Resources are reported using a $1,750 Au price and a 2.0 g/t cut-off. The operator has the right to purchase the entire 3% NPI for $2 million within six months of a feasibility study. 63. Lawyers resources are reported to CIM Standards and have an effective date of 8/20/2024. Metal prices of $1,850 Au and $24.00 Ag were used for the estimate, with cut-off grades of 0.4 g/t AuEq for open-pit and 1.5 g/t AuEq for underground resource. 64. Long Valley resources are reported to CIM standards with an effective date of 9/21/2020. Resources are reported at a $1,800 Au price, with cut-offs of 0.17 g/ t for oxide and 0.21 g/t for mixed and sulfide material. 65. Mt. Fisher resources are reported to JORC standards with an effective date of 11/2/2022. Resources use a $1,750 Au price and a 0.5 g/t Au cut-off. The royalty is capped at 500,000 ounces. 66. Niblack resources are reported to CIM standards with an effective date of 2/14/2022. Resources use metal prices of $1,650 Au, $20.00 Ag, $3.50 Cu, and $1.10 Zn and a $100 NSR cut-off. The royalty rate is 1.0% for each ton of ore having a value of less than $115 per ton; 2.0% for each ton of ore having a value between $115 and $135 per ton; and 3.0% for each ton of ore having a value greater than $135 per ton. 67. Nieves resource was reported to NI 43-101 standards with an effective date of 10/31/2012. Metal prices used were $1,375 for Au and $26.00 for Ag. Cut-off grade was 15 g/t Ag. 68. North Island resources are reported to CIM standards with an effective date of 3/1/2024. Resources use metal prices of $1,650 Au, $3.25 Cu, and $10.00 Mo, and a cut-off grade of 0.1% Cu. Royal Gold’s interest excludes the Red Dog prospect. 69. Nutmeg Mountain resources are reported to CIM standards with an effective date of 6/22/2023. Resources use a $1,750 Au price and a 0.30 g/t cut-off grade. A $325,000 payment is due upon production of the first 100,000 ounces. Once production reaches 200,000 ounces, the royalty begins paying on a sliding scale, which caps at 2.0% at a gold price equal to or above $425 per ounce. 70. Paddington resources are reported to JORC standards with an effective date of 12/31/2014. Resources are reported at a cut-off grade of 0.80 g/t Au based on a gold price of $2,000. Royal Gold royalty covers a single claim which includes the Natal project. 71. Pascua–Lama resources are reported to CIM standards with an effective date of 12/31/2023. Approximately 20% of the royalty is limited to the first 14.0 million ounces of gold produced from the project. Also, 24% of the royalty can be extended beyond 14.0 million ounces produced for $4.4 million. In addition, a one-time payment totaling $8.4 million will be made if gold prices exceed $600 per ounce for any six-month period within the first 36 months of commercial production. The royalty is based on a sliding scale, which caps at 5.45% at a gold price equal to or above $800 per ounce. 72. Phillips Find resources are reported to JORC standards with an effective date of 6/30/2024. Cut-off for mineral resources is 0.5 g/t Au near surface and 2.0 g/t below 140m asl. Metal prices and recoveries used are not disclosed. The royalty applies to production above 40,000 ounces and is capped at $1 million. 73. Pinnacles resources are disclosed to JORC standards with an effective date of 12/15/2020. Cut-off grades are 0.5 g/t for open-pit and 1.0 g/t for underground. Specific gold prices and recoveries are not disclosed. 74. Quinns Austin resources are disclosed to JORC standards with an effective date of 4/6/2010. Metal prices used are $1,135 Au, $18.00 Ag, $3.61 Cu, and $1.09 Zn, with a cut-off grade of 0.4% Cu. 75. Red October resources are disclosed to JORC standards with an effective date of 6/30/2024. Specific metal prices, recoveries and cut-off grades are not disclosed. 76. San Juan Silver (Bulldog) resources are disclosed to SK 1300 standards with an effective date of 12/31/2023. Metal prices used are $1,700 Au, $21.00 Ag, $1.15 Pb and $1.35 Zn. NSR cut-offs are $100 to $175 per ton. The royalty rate is 3.0% on Homestake and Emerald unpatented claims; 1.0% on Emerald patented claims. 77. Schaft Creek resources are reported to CIM standards with an effective date of 12/31/2024. Metal prices used are $1,200 Au, $20.00 Ag, $3.00 Cu, and $10.00 Mo. NSR cut-off is $4.31. 78. Shasta resources are reported to CIM standards with an effective date of 12/29/2024. Metal prices used are $2,250 Au and $25.00 Ag. Cut-off grade is 0.4 g/t AuEq. Royalty covers Shasta but not TSF1 tailings. 79. Tambor resources are reported to NI 43-101 standards with an effective date of 12/10/2003. RG royalty area covers Guapinal, South Cliff, and Poza del Coyote zones. A cut-off grade of 0.3 g/t Au was used. Specific metal prices and metallurgical recoveries were not disclosed. The operator has the right to purchase half of the 4.0% NSR for $2 million within 24 months of commercial production. 80. Temora resources are disclosed to JORC standards with an effective date of 12/31/2016. Specific metal prices and cut-off grades are not disclosed. 81. Ulu resources are disclosed to CIM standards with an effective date of 2/18/2021. A gold price of CAD$1,500 and cut-off grade of 4 g/t Au were used. The royalty applies to production above 675,000 ounces. 82. Van Uden resources are disclosed to JORC standards with an effective date of 2/1/2013. Resources used a cut-off grade of 0.5 g/t Au. No metal prices or metallurgical recoveries were disclosed. 83. Wallbrook resources are disclosed to JORC standards with an effective date of 5/1/2024. Resources used a cut-off grade of 0.4 g/t Au and are reported inside an AUS$3,950 pit shell. Royal Gold interest covers an estimated 16% of the resource area. Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 179

84. Wildcat resources are disclosed to CIM standards with an effective date of 6/28/2023. A gold price of $1,800 and a cut-off grade of 0.15 g/t were used. The 1.0% NSR royalty applies to the SS lode claims only. The additional royalty pays 1.0% NSR on gold production between 500,000 ounces and 1.0 million ounces and increases to a 2.0% NSR on production in excess of 1.0 million ounces. This royalty applies to various claims on the property. 85. Wolverine resources are disclosed to NI 43-101 standards with an effective date of 1/30/2015. Cut-off grades and metal prices used were not disclosed. The gold royalty rate is based on the price of silver per ounce and is based on a sliding scale, which caps at 9.445% at a silver price equal to or above $7.50 per ounce. 86. Wembley Durack resources are disclosed to JORC standards with an effective date of 11/20/2024. A gold price of AUS$3000 and cut-off grades of 0.5 to 1.0 g/ t Au were used. SILVER 87. Khoemacau resources and reserves are disclosed to JORC standards with an effective date of 6/30/2024. Royal Gold AOI covers the Zone 5 and Mango deposit areas. Royal Gold has a stream interest in silver production only, Khoemacau includes copper resources and reserves not listed here. Resources and reserves both use $23.00 Ag, with a $65.00/t NSR cut-off. Our stream interest at Khoemacau is 100% of payable silver produced. 88. Rock Creek resources are reported to SK-1300 and NI 43-101 standards with an effective date of 12/31/2023. Metal prices used are $21.00 Ag and $3.00 Cu, with an NSR cut-off grade of $24.50. COPPER 89. Cactus resources are reported to 43-101 standards with an effective date of 7/11/2024. Resources use a copper price of $3.75 and variable cut-off grades by material type. Royal Gold’s interest covers 100% of Cactus East and West and approximately 62% of Parks/Salyer. 90. Johnson Camp resources are reported under CIM standards with an effective date of 2/21/2022. Copper prices of $4.00 and a cut-off grade of 0.2% Cu are used for resource reporting. 91. Voisey’s Bay resources and reserves are reported to SK-1300 standards with an effective date of 12/31/2024. Commodity prices used are $4.15 Cu, $8.14 Ni, and $19.27 Co. NSR cut-off is $28.35 for open-pit and $210-$250 for underground. 92. Las Cruces resources and reserves are reported to CIM standards with an effective date of 9/30/2023. Copper price used is $3.80 with a cut-off grade of $50.60 NSR. 93. Los Chancas resources are reported to SK-1300 standards with an effective date of 12/31/2024. Resources use $3.80 Cu prices and NSR cut-offs of $6.11 for heap leach and $7.64 for mill and flotation material. NICKEL 94. Bell Creek resources are reported to JORC standards with an effective date of 2/10/2019. Specific commodity prices and cut-off grades are not disclosed. The royalty is AUS$1.00 per tonne on the first five million tonnes of production, AUS$2.00 per tonne thereafter. 95. Cosmos resources are reported to JORC standards with an effective date of 6/30/2024. Royal Gold royalty interest covers AM5, AM6, and Mt. Goode. Resources are not currently reported for Mt. Goode due to changes in metal price assumptions. Odysseus is outside the royalty interest. AUS$27,010/t Ni price and cut-off grades of 1.0% Ni for underground are used for resources. COAL 96. Horizon resources were reported with an effective date of 12/31/2011. POTASH 97. Allan resources and reserves are reported to CIM standards with an effective date of 12/31/2024. Royal Gold interest applies to 40% of produced potash, so reserves and resources are reported as 40% of the total. Specific cut-off grades and commodity prices are not disclosed. The $0.36 to $1.44 per ton potash royalty rate varies based on annual potash production and is based on a sliding scale, which caps at $1.44 per ton at prices above $23.00. 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%. After 800,000 tons, the royalty rate is 25% of the $1.44. An additional $0.25 per ton royalty is capped at 600,000 attributable tons, or a maximum of $150,000 per annum. LITHIUM 98. Yellowknife resources are reported to 43-101 standards with an effective date of 10/1/2024. Cut-off grades of 0.4% and 0.5% Li 2 O were used. Specific metals prices and recoveries were not disclosed. Royal Gold interest covers all resource areas except Shorty. URANIUM 99. La Jara Mesa resources were reported with an effective date of 7/2/2007. Resources are reported at a cut-off grade of 0.05% U3O8. La Jara Mesa royalty is payable on per pound of uranium produced above eight million pounds. 100. Westmoreland resources are reported to 43-101 and JORC standards with an effective date of 1/31/2025. Resources are reported at a cut-off grade of 100 ppm U3O8 and a metal price assumption of $65.00/lb U3O8. ROYAL GOLD 2024 Asset Handbook 180

Footnotes for Area of Interest Maps Property Footnotes Allan Allan Crown Lease boundary is based on the National Instrument 43-101 Technical Report on Allan Potash Deposit dated February 25, 2022. The area subject to Royal Gold’s royalty interest may differ from the Allan Crown Lease boundary shown. Andacollo Stream Agreement Outline is based on the Long Term Offtake Agreement between Compañía Minera Teck Carmen de Andacollo and RGLD Gold AG dated as of July 9, 2015, and may differ from the current claim position of the operator. Royal Gold’s interests extend to an area of interest (“AOI”) beyond the property boundaries, should the operator acquire claims within the AOI. The complete AOI may not be depicted on this map. The mining concessions related to the Dayton Manto Au Open Pit are owned by Compañía Minera Dayton and are not subject to our interest. Bald Mountain Royalty Claims shown are based on public information as of 2008 and may differ from the current claim position of the operator. Bogoso and Prestea Royal Gold’s interests extend to an area of interest (“AOI”) beyond the property boundaries, should the operator acquire claims within the AOI. Castelo de Sonhos Royal Gold’s interests extend to an area of interest (“AOI”) beyond the property boundaries, should the operator acquire claims within the AOI. The AOI is not depicted on this map. Cortez Royal Gold’s interests extend to an area of interest (“AOI”) beyond the property boundaries, should the operator acquire claims within the AOI. The AOI is not depicted on this map. Don Mario Don Mario Concessions boundary is based on the National Instrument 43-101 Technical Report for the Don Mario Property, Eastern Bolivia dated February 28, 2022. The area subject to Royal Gold’s royalty interest may differ from the Don Mario Concessions boundary shown. El Limón Royal Gold’s interests extend to an area of interest (“AOI”) beyond the property boundaries, should the operator acquire claims within the AOI. Granite Creek Royalty rate shown in map is simplified. Royal Gold holds a 3% NSR royalty and a 2.94% NSR royalty on all metals produced from Section 29; a 0.98% - 3.92% NSR, after 200,000 ounces have been produced, the royalty rate varies depending on pre-existing royalties (to a maximum of 6%) from Section 28, and a 5% NSR, which only applies to a small portion of Section 28; a 3.75% - 3.92% NSR, after 200,000 ounces have been produced, the royalty rate varies depending on pre-existing royalties (to a maximum of 6%) from Section 32; and a 0.49% - 0.98% NSR, after 200,000 ounces have been produced, the royalty rate is based on the Average Gross Value of gold from Section 33. Johnson Camp Royalty Claims shown are based on the Form 10-K filed by Nord Resources Corporation (the operator of JCM at that time) dated March 31, 2010, and may differ from the current claim position of the operator. La India Royal Gold’s interests extend to an area of interest (“AOI”) beyond the property boundaries, should the operator acquire claims within the AOI. The AOI is not depicted on this map. Manh Choh Contango Royalty indicates the royalty held by Royal Gold at the Hona, Eagle and Triple Z property. Pine Cove Royalty AOI is based on the Agreement between International Corona Corporation and Novagold Resources Inc. dated February 27, 1992, and may differ from the current claim position of the operator. Rainy River Stream Agreement Outline is based on the Gold and Silver Purchase and Sale Agreement between New Gold Inc. and RGLD Gold AG dated July 20, 2015, and may differ from the current claim position of the operator. Relief Canyon Royalty Claims shown are based on the National Instrument 43-101 Technical Report and Feasibility Study for the Relief Canyon Project dated July 6, 2018, and may differ from current claim position of the operator. Ruby Hill A portion of the Windfall Royalty is depicted for illustrative purposes only. Skyline Royalty Agreement Outline is based on the Overriding Royalty Payment Agreement between Skyline Partners 1993, L.P. and Canyon Fuel Company, LLC dated February 23, 2000, and may differ from the current claim position of the operator. Wassa Royal Gold’s interests extend to an area of interest (“AOI”) beyond the property boundaries, should the operator acquire interests within the AOI. Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 181

Reference Materials Definitions/Glossary Term Definition Activated carbon A material produced from carbon-rich sources that offers a porous surface structure, which creates a vast surface area on which to adsorb materials. This porous structure, in combination with attraction forces, allows activated carbon to capture material components and hold on to them for later recovery. In the gold beneficiation process, activated carbon is a vital tool, used to separate gold that has been dissolved in a cyanide solution, so that it can be recovered. Active income Income generated from business activities. Alluvium (related to Alluvial) A deposit of clay, silt, sand, and gravel left by flowing streams in a river valley or delta, typically producing fertile soil. Autoclave Pressure vessel used in the hydrometallurgical pressure oxidation circuit. Backfilling The process of refilling an excavated hole. Bankable Feasibility Study (BFS) or Definitive Feasibility Study (DFS) A Feasibility Study that has been prepared in enough detail and with enough objectivity that it can be submitted to investors or lenders when seeking financing for the related project. Bio-leach A biohydrometallurgy process that uses microorganisms such as bacteria or archaea to extract valuable metals from refractory and semi-refractory ores. Block cave An underground mining method that involves undermining the orebody to make it collapse under its own weight into a series of chambers from which the ore is extracted. Brownfield Areas with existing mining operations or historical mining activities. By-product A secondary metal or mineral product recovered from ores. The determination of a primary metal versus a secondary metal is often decided based on economic value. Carbon adsorption Activated carbon adsorbs gold from cyanide solution. Carbonate Replacement Deposit (CRD) An orebody of metallic minerals (polymetallic) formed by the replacement of sedimentary, usually carbonate rock, by metal-bearing solutions in the vicinity of igneous intrusions. Carbon-in-column (CIC) An extraction technique that involves the gold cyanide solution flowing through a series of fluidized bed columns in an up-flow configuration. Carbon-in-leach (CIL) An extraction technique that involves continuous leaching of gold from ore to liquid and counter-current adsorption of gold from liquid to carbon particles in a series of tanks. Carbon-in-pulp (CIP) An extraction technique for recovery of gold, which has been liberated into a cyanide solution as part of the gold cyanidation process. Cleaner-scavenger tailings Tailings from the cleaner and scavenger circuits of a froth flotation processing plant. Concentrate The result of a chemical (e.g. flotation) or physical (e.g. gravity) concentration process, which involves separating ore minerals from unwanted waste rock. Concentrates require subsequent processing (such as smelting or leaching) to break down or dissolve the ore minerals and obtain the desired elements, usually metals. Copper cathode Copper metal (usually in a sheet form) electrowon from a copper rich leach solution. LME Grade A copper has a minimum purity of 99.95%. Crushing-agglomerating circuit An ore processing technique used to prepare run-of-mine ore for placing on a heap leach pad. Ore is crushed and agglomerated with cement into uniformly sized particles, making it easier for the leaching solution to travel through the channels between particles to help maximize recovery. Cut-and-fill A stoping method in which the ore is excavated by successive flat or inclined slices, working upward from the level, as in shrinkage stoping. However, after each slice is blasted down, all broken ore is removed, and the stope is filled with waste up to within a few feet of the back before the next slice is taken out, just enough room being left between the top of the waste pile and the back of the stope to provide a free face for the blast. ROYAL GOLD 2024 Asset Handbook 182

Term Definition Deleterious Elements that can negatively influence the quality and valuation of the product. Deposit A natural accumulation of minerals in the earth’s crust, in the form of one or several mineral bodies, which can be extracted at the present time or in the immediate future. Doré A semi-pure alloy of gold and silver. It is usually created at the site of a mine and then transported to a refinery for further purification. Double refractory ore Ore that contain both pyrite and carbonaceous matter and the latter results in the loss of gold from solution during cyanide leaching. Drift-and-fill Drift-and-fill is similar to cut-and-fill (see definition), except that it is used in ore zones that are wider than the method of drifting will allow to be mined. In this case, the first drift is developed in the ore, and is backfilled using consolidated fill. The second drift is driven adjacent to the first drift. Feasibility Study (FS) Detailed study of how a mine will be built, used as the basis for a production decision. Similar to a Preliminary Feasibility Study, but at a higher level of accuracy and detail. Flotation A method used to separate and concentrate ores by altering their surfaces to a hydrophobic or hydrophilic condition—that is, the surfaces are either repelled or attracted by water. Global Intangible Low-Taxed Income (GILTI) A tax framework for income earned abroad by controlled subsidiaries of U.S. corporations from easily movable intangible assets. Gravity concentration The process by which particles of different sizes, shapes, and densities are separated from each other by the force of gravity or centrifugal force. Greenfield Areas devoid of mining history. Gross smelter return (GSR) royalty A defined percentage of the gross revenue from a mineral resource extraction operation, less, if applicable, certain contract-defined costs paid by or charged to the operator. Gross value (GV) royalty A defined percentage of the gross revenue from a mineral resource extraction operation before any deductions for expenses. Gross proceeds royalty (GPR) A defined percentage of the gross revenue from a mineral resource extraction operation, based on contained metal mined rather than recovered metal, before any deductions for expenses. Heap leach Heap leaching is an industrial mining process used to extract precious metals, copper, uranium, and other compounds from ore using a series of chemical reactions that absorb specific minerals and re-separate them after their division from other earth materials. High Pressure Grinding Rolls (HPGR) A type of grinding machinery that uses inter-particle grinding to reduce particle size and increase grinding efficiency by transferring pressure to particles from multiple directions. Hydrometallurgy A technique within the field of extractive metallurgy. Hydrometallurgy involves the use of aqueous solutions for the recovery of metals from ores, concentrates, and recycled or residual materials. Hypogene Describes mineralization within and below the Earth’s crust that is caused by ascending thermal fluids, which derive from a magmatic source and have not been altered by surface oxidation. In-situ Situated in the original, natural, or existing place or position. Life of mine (LOM) Number of years that an operation is scheduled to mine and/or treat ore, and is based on the current mine plan. Loaded carbon Activated carbon that has adsorbed materials such as gold. Long-hole stoping A form of sub-level open stoping, which involves excavating ore in a series of horizontal or sub- horizontal levels, known as stopes. This mining method uses blastholes drilled by a production drill to a predetermined pattern. Longitudinal retreat A longhole open stoping method where the length of a mining block is developed and stoping then retreats back towards the access points. Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 183

Term Definition Merrill-Crowe A separation technique typically used for removing silver and gold from the solution obtained by cyanide leaching, particularly when there is a high amount of silver present. Modified Avoca Mining Single end access longhole retreat mining method with backfill used in orebodies with weak wall rocks. National Instrument 43-101 (NI 43-101) A national instrument for the Standards of Disclosure for Mineral Projects within Canada. The Instrument is a codified set of rules and guidelines for reporting and displaying information related to mineral properties owned by, or explored by, companies which report these results on stock exchanges within Canada. This includes foreign-owned mining entities who trade on stock exchanges overseen by the Canadian Securities Administrators, even if they only trade on Over-the-Counter (OTC) derivatives or other instrumented securities. Net profits interest (NPI) royalty A defined percentage of profits less certain contract-defined expenses. Net smelter return (NSR) royalty A defined percentage of the gross revenue from a resource extraction operation less a proportionate share of incidental transportation, insurance, refining and smelting costs. Net value royalty (NVR) A defined percentage of the gross revenue from a resource extraction operation less certain contract-defined costs. Non-refractory ores Ore that is amenable to gold extraction using cyanide. Open-pit mining A surface mining technique that extracts minerals from an open-pit in the ground. Open-stoping Stoping is practiced in underground mineral mining when the surrounding rock is strong enough to permit the drilling, blasting, and removal of ore without caving. In mines where the rock requires no artificial support, the operation is known as open stoping. Oxide ore A mineral or compound characterized by the linkage of oxygen, hydroxide, carbonate or sulfate with a metal or semimetal. Passive income Income earned from property (i.e. rental, interest income, royalties, etc.). Paste-backfill Backfill material consisting of dewatered tailings and binder prepared at a high density for backfilling underground stopes. Paste backfill has little or no water discharge. Payable metal Ounces or pounds of metal after deduction of a percentage of metal in concentrate by a third- party smelter pursuant to smelting contracts. Polymetallic A deposit type composed of a combination of different metals. Porphyry deposits Intrusion-related, large tonnage low grade mineral deposits with metal assemblages that may include all or some of copper, molybdenum, gold and silver. Preliminary Economic Assessment (PEA) or Scoping Study Early-stage conceptual assessment of the potential economic viability of mineral resources. Generally based on industry standards. Also referred to as a Scoping Study. Preliminary Feasibility Study/ Pre- Feasibility Study (PFS) Economic and engineering studies sufficient to demonstrate economic viability and establish mineral reserves. Similar to a Preliminary Economic Assessment; however, it is more precise and contains more detailed information, including project specific metrics. Generally contains a significant focus on options analysis. Pressure oxidation A hydrometallurgical process that recovers metals from sulphide ores by injecting oxygen into slurry in an autoclave vessel. Operating at high pressures and temperatures, the exothermic process generates heat and acid. Produced metal Refers to the metal recovered from mine site operations and contained in the form of either concentrate, cathode or doré. Pulp agglomeration A process of grinding high grade ore (the pulp), combining with cement, and tumbling to form round balls. ROYAL GOLD 2024 Asset Handbook 184

Term Definition Refining The final procedure for removing (and often recovering as by-products) the last small amounts of impurities left after the major extraction steps have been completed. It leaves the major metallic element in a practically pure state for commercial application. The procedure is accomplished in three ways: furnace, electrolytic, or by chemical methods. Refractory ores Sulfide ore that is not amenable to gold extraction using cyanide without an oxidation process. Right of first offer (ROFO) A contractual right that gives its holder the option to enter a business transaction with a person or company before anyone else can. Roasting A process of heating ore to a high temperature in the presence of air. It is a step in the processing of refractory ores. Room-and-pillar A mining system in which the mined material is extracted across a horizontal plane, creating horizontal arrays of rooms and pillars. Run-of-mine (ROM) Typically refers to the blasted/broken material removed from an open-pit or underground mine and directly placed on a leach pad or into a processing plant. Satellite deposit A secondary mineral deposit situated at a distance from the primary deposit. Semi-autogenous grinding (SAG) Mills that grind hard ores with fracture characteristics that do not lend themselves to fully autogenous milling are charged with a small amount of steel balls to assist in the size reduction. Semi-autogenous mill-ball mill- pebble crushing (SABC) communition circuit A standard crushing and grinding circuit. Skarn In geology, metamorphic and metasomatic zone developed at the contact of igneous intrusions with carbonate sedimentary rocks with both near hydrothermal fluid source (endoskarn) and distal (exoskarn) zones. Sliding-scale royalty A royalty percentage that is determined based on commodity price or other defined variables. Slurry A mixture of ore concentrate and water. Smelting A process of applying heat and a chemical reducing agent to an ore to extract a desired metal product. Solvent extraction and electrowinning (SX-EW) A two-stage hydrometallurgical process that first extracts and upgrades copper ions from low- grade leach solutions into a solvent containing a chemical that selectively reacts with and binds the copper in the solvent. Electrowinning is then used to remove copper from the solvent onto a cathode. Stress-relief mining Involves the use of short-term sacrificial mine rooms to draw the mining-induced high horizontal stresses away from nearby long-term entries. Sublevel stoping A mining method in which ore is blasted from different levels of elevation but is removed from one level at the bottom of the mine or from intermediate haulage levels. Sulfide ore A mineral or compound characterized by the linkage of sulphur with a metal or semimetal. Supergene A mineral deposition created when near-surface oxidation produces acidic solutions that leach metals, carry them downward, and reprecipitate them, thus enriching sulfide minerals already present. Suspension-grade potash A soluble fertilizer mixed with an aqueous solution that provides the benefits of a liquid and dry fertilizer for crops. Tailings In mining, tailings or tails are the materials left over after the process of separating the valuable fraction from the uneconomic fraction of an ore. Technical Report A summary of material scientific and technical information concerning mineral exploration, development, and production activities on a mineral property that is material to an issuer. Third-party offtake A contract in which the third party (offtaker) agrees to buy a certain amount of product produced by a project at an agreed price. Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 185

Term Definition Transverse open-stoping A longhole open stoping method used in wider orebodies where footwall access is justified and a primary-secondary stope mining sequence can lead to high productivity. Also used in orebodies with weak hangingwalls where the hangingwall span needs to be limited and personnel and equipment kept remote from the hangingwall. Unconsolidated waste backfill Waste material deposited in stopes with no binder addition. Underground mining The process of extracting minerals from the earth through the development of shafts, adits and declines from the surface to the deposits before recovering the products using underground extraction methods. ROYAL GOLD 2024 Asset Handbook 186

Expected Attributes of Portfolio Performance Portfolio Reference Introduction Our Business Overview and Outlook Details Materials Cautionary Statements Forward-Looking Statements: This handbook and our other public communications include “forward-looking statements” within the meaning of U.S. federal securities laws. Forward- looking statements are any statements other than statements of historical fact. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from these statements. Forward-looking statements are often identified by words like “will,” “may,” “could,” “should,” “would,” “believe,” “estimate,” “expect,” “anticipate,” “plan,” “forecast,” “potential,” “intend,” “continue,” “project,” or negatives of these words or similar expressions. Forward-looking statements include, among others, statements regarding the following: our expected financial performance and outlook, including sales volume, revenue, expenses, tax rates, earnings, and cash flows; operators’ expected operating and financial performance and other anticipated developments relating to their properties and operations, including production, deliveries, estimates of mineral resources and mineral reserves, environmental and feasibility studies, technical reports, mine plans, capital requirements, liquidity, and capital expenditures; opportunities for investments, acquisitions and other transactions; anticipated benefits from investments, acquisitions and other transactions; receipt and timing of future metal deliveries; the timing and amount of future benefits and obligations in connection with the Mount Milligan Cost Support Agreement; anticipated liquidity, capital resources, financing, and stockholder returns; the materiality of properties within our portfolio; macroeconomic and market conditions; returns on investments; sufficiency of contractual protections; anticipated tax changes; and prices for gold, silver, copper, and other metals. Factors that could cause actual results to differ materially from these forward-looking statements include, among others, the following: changes in the price of gold, silver, copper, or other metals; operating activities or financial performance of properties on which we hold stream or royalty interests, including variations between actual and forecasted performance, operators’ ability to complete projects on schedule and as planned, operators’ changes to mine plans and mineral reserves and mineral resources (including updated mineral reserve and mineral resource information), liquidity needs, mining and environmental hazards, labor disputes, distribution and supply chain disruptions, permitting and licensing issues, other adverse government or court actions, or operational disruptions; changes of control of properties or operators; contractual issues involving our stream or royalty agreements; the timing of deliveries of metals from operators and our subsequent sales of metal; risks associated with doing business in foreign countries; increased competition for stream and royalty interests; environmental risks, including those caused by climate change; potential cyber-attacks, including ransomware; our ability to identify, finance, value, and complete investments, acquisitions or other transactions; adverse economic and market conditions; effects of health epidemics and pandemics; changes in laws or regulations governing us, operators, or operating properties; changes in management and key employees; and other factors described in our reports filed with the Securities and Exchange Commission, including in Item 1A, Risk Factors of our most recent Annual Report on Form 10-K. Most of these factors are beyond our ability to predict or control. Other unpredictable or unknown factors not discussed in this handbook could also have material adverse effects on forward- looking statements. Forward-looking statements speak only as of the date on which they are made. We disclaim any obligation to update any forward-looking statements, except as required by law. Readers are cautioned not to put undue reliance on forward-looking statements. References to Years: All references in this handbook to years are to the 12 months ended or ending December 31 of the referenced year, unless otherwise noted. 187

ROYAL GOLD 2024 Asset Handbook Corporate Information Management Team WILLIAM H. HEISSENBUTTEL President and Chief Executive Officer PAUL LIBNER Senior Vice President and Chief Financial Officer RANDY SHEFMAN Senior Vice President and General Counsel DANIEL K. BREEZE Senior Vice President, Corporate Development, RGLD Gold AG ALISTAIR BAKER Senior Vice President, Investor Relations and Business Development, Royal Gold Corp. JASON HYNES Senior Vice President, Business Development and Strategy, Royal Gold Corp. MARTIN RAFFIELD Senior Vice President, Operations DAVID R. CRANDALL Vice President, Corporate Secretary and Chief Compliance Officer ALLISON FORREST Vice President, Investment Stewardship Board of Directors WILLIAM M. HAYES Chairman WILLIAM H. HEISSENBUTTEL President and Chief Executive Officer FABIANA CHUBBS C. KEVIN MCARTHUR JAMIE C. SOKALSKY RONALD J. VANCE SYBIL E. VEENMAN 188

Expected Attributes of Portfolio Performance Portfolio Reference Introduction Our Business Overview and Outlook Details Materials Corporate Office Royal Gold, Inc. 1144 15th Street, Suite 2500 Denver, Colorado 80202-1161 USA Tel: (303) 573-1660 Toronto Office Royal Gold Corporation 500 – 220 Bay Street Toronto, Ontario M5J 2W4 Canada Tel: (303) 573-1660 Vancouver Office Royal Gold Corporation 610 - 815 West Hastings Street Vancouver, British Columbia V6C 1B4 Canada Tel: (303) 573-1660 Luzern Office RGLD Gold AG Alpenstrasse 6 CH-6004 Luzern Switzerland Tel: (303) 573-1660 Stock Exchange Listing Nasdaq Global Select Market (Symbol: RGLD) Auditors Ernst & Young LLP Denver, Colorado Transfer Agent Questions about stockholder accounts, dividend payments, change of addresses, lost certificates, direct registration system (DRS), stock transfers and related matters should be directed to the transfer agent, registrar and dividend disbursement agent listed below: Computershare Investor Services P.O. Box 43006 Providence, RI 02940 Overnight correspondence should be mailed to: Computershare Investor Services 150 Royall Street, Suite 101 Canton, MA 02021 Tel: (800) 962-4284 Website: www.computershare.com Investor Relations Tel: (303) 573-1660 Email: InvestorRelations@royalgold.com 189

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