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