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